Deposit Protection Corporation increases guarantee amount to PKR 1.0 million

The Deposit Protection Corporation (DPC) has announced an increase in the guarantee amount for eligible depositors of its member banks, raising it from PKR 500,000 to PKR 1,000,000. This change, effective from October 1, 2024, was approved by the Corporation's Board of Directors.

With this enhancement, approximately 96% of eligible depositors will now receive full protection. The primary goal of the deposit protection scheme is to safeguard depositors' interests and boost their confidence in the banking sector, thereby contributing to the country's financial stability.

The deposit protection facility is available to all eligible depositors without any fees. The guaranteed amount becomes payable only if the State Bank of Pakistan declares a bank as failed, and is not applicable under any other circumstances.