Personal Finance | Depositor insurance gives protection to retail investors

28 Apr

Maya Fisher-French

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All banks, including mutual banks, cooperative banks and local branches of foreign banks, will be members and the cover will be automatic.

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PERSONAL FINANCE

In South Africa, the guarantee has been set at R100 000 per qualifying depositor per bank. This would cover about 90% of depositors, according to the Reserve Bank. However, given that there are large depositors such as businesses, investors and high net-worth individuals, in terms of rand value, only about 23% of deposits would be insured.

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