How the ₱1,000,000 is counted
Effective March 15, 2025, the maximum deposit insurance coverage (MDIC) is ₱1 million per depositor, per bank. All deposit accounts of a depositor in a closed bank maintained in the same right and capacity shall be added together.
- Your single accounts and accounts held "by", "in trust for" or "for the account of" you at the same bank are added together as one.
- A joint account is insured separately from your single accounts, whether it uses "and", "or" or "and/or".
- Unless the account documents say otherwise, a joint account's insured amount is split equally among the co-owners.
- Your shares across several joint accounts at the same bank are added together and insured up to the maximum.
- Any loan you owe the closed bank is deducted from your deposits there.
- Investment products such as bonds, securities and trust accounts are not deposits and are not insured.
PDIC, Understanding Deposit Insurance brochure
What the PDIC covers, and what it does not
Covered
- Savings, checking (demand) and NOW accounts, time deposits, long-term negotiable certificates of deposit, and Islamic deposits. PDIC
- Foreign currency deposits, which can be paid in the same currency. PDIC
- Deposits in every BSP-licensed bank: universal and commercial banks (including Philippine branches and subsidiaries of foreign banks), thrift, rural and cooperative banks, and digital banks. PDIC
- The insured amount is your balance with interest to date, less withholding tax and any unpaid loan to the bank, up to ₱1,000,000. Depositors pay nothing for the insurance. PDIC
- Deposits at different banks are insured separately, but a bank's head office and all its branches count as one bank. PDIC
Not covered
- Investment products such as bonds, securities and trust accounts. PDIC
- Deposits in cooperatives and non-stock savings and loan associations, which are not banks. PDIC
- Fictitious or fraudulent accounts, accounts from unsafe and unsound banking practices, and proceeds of unlawful activity under the Anti-Money Laundering Act. PDIC
- Losses from theft, fire, strikes or civil disorder; the PDIC pays only when the BSP Monetary Board closes a bank. PDIC
- E-money: the BSP rules state that e-money is not a deposit, so a wallet balance is not a bank deposit. PDIC
E-wallets, GSave and Maya Savings
GCash and Maya are run by e-money issuers licensed by the BSP, which are not banks, so a wallet balance is not a bank deposit. The savings accounts inside the apps are: GSave is a CIMB Bank account and Maya Savings is a Maya Bank account, so each counts toward the ₱1,000,000 cover at that bank. Fees, limits and interest are on the GCash and Maya page.
If your bank closes
- The ₱1,000,000 cover applies to banks closed on or after 15 March 2025; banks closed before that date are covered up to ₱500,000. PDIC
- You do not need to file if your valid balance is ₱500,000 or less, you owe the bank nothing and your mailing address is complete: the PDIC pays by postal money order or Land Bank Visa Debit Card. PDIC
- You must file if your balance is over ₱500,000, you have a loan with the bank, your address is incomplete, or the depositor has died (the heirs file). PDIC
- File during the onsite claims days in the PDIC's Notice to Depositors; after that, in person at the PDIC Public Assistance Center in Makati, by mail, or by email to PAD@pdic.gov.ph from the email address on your claim form. PDIC
- Bring the original proof of deposit (passbook, certificate, statement or ATM card), one original valid photo ID with signature (the PDIC suggests two) and the notarized PDIC claim form; depositors under 18 add a PSA birth certificate. PDIC
- The deadline is 2 years (24 months) from the PDIC's takeover of the bank. A complete claim should be settled within 6 months of filing. PDIC
- Anything above the insured amount becomes a claim against the closed bank's assets. File it within 60 days of the PDIC's Notice to Creditors; if your insurance claim was filed in that window, it counts. Recovery depends on the bank's assets and the liquidation court. PDIC
Check whether a bank is under liquidation in the PDIC list of 331 closed banks (as of June 30, 2026).
Insurance and the 20% tax on interest
Insurance covers the deposit; the interest it earns is taxed separately. Since July 1, 2025, banks withhold a 20% final tax on deposit interest whatever the term (BIR, RR 21-2025). See what you keep in the time deposit calculator, or read about the final withholding tax.
Questions
Is PDIC cover per account or per bank?
Per depositor, per bank. All your accounts at one bank held in the same right and capacity are added together and insured up to ₱1,000,000 (effective March 15, 2025); a joint account is insured separately from your single accounts. PDIC, FAQ 7
What happens if I have more than ₱1,000,000 in one bank?
Only ₱1,000,000 of it is insured if the bank closes. Keeping ₱1,000,000 or less at each bank keeps every peso insured, because cover is counted bank by bank. PDIC, FAQ 7
Is PDIC cover still ₱500,000?
No. The maximum went up from ₱500,000 to ₱1,000,000 per depositor, per bank, effective March 15, 2025. PDIC, PR-011-25
Is money in GCash or Maya covered by the PDIC?
The PDIC insures bank deposits, and the BSP treats e-money as not a deposit, so a GCash or Maya wallet balance is outside PDIC cover. Money you move into GSave (a CIMB Bank account) or Maya Savings (a Maya Bank account) is a bank deposit and is covered. source
Are time deposits and dollar deposits covered?
Yes. Savings, checking and time deposits are insured, and so are foreign currency deposits, which are paid in the same currency, up to the same maximum per depositor, per bank. source
Who sets the cover and how to reach the PDIC
The ₱1,000,000 maximum is set by the PDIC Board under the PDIC Charter (RA 3591, as amended by RA 11840) (RA 11840). PDIC contact: (02) 8841-4141 or (02) 8841-4000; toll free 1-800-1-888-7342 (1-800-1-888-PDIC); pad@pdic.gov.ph. PDIC