PDIC deposit insurance in the Philippines protects eligible bank deposits up to ₱1 million per depositor, per bank.
Short answer The Philippine Deposit Insurance Corporation covers valid savings, special savings, checking, NOW, time and qualifying Islamic deposit accounts in the domestic offices of member banks. The ₱1 million ceiling applies to the total of a depositor’s accounts held in the same right and capacity at one bank. Separate banks get separate limits. Single accounts and a depositor’s share in joint accounts are computed separately. E-wallet balances, investments, trust accounts and deposits in non-banks are not automatically covered.
By zpeso Desk · Official PDIC materials .
PDIC deposit insurance at a glance
| Question | Official rule |
|---|---|
| Maximum cover | ₱1 million per depositor, per bank |
| Effective date of the current limit | March 15, 2025 |
| Who pays for the insurance | Member banks fund the system; depositors do not pay a separate premium |
| Accounts normally covered | Valid savings, special savings, demand/checking, NOW, time and qualifying Islamic deposits |
| Where the deposit must be held | A domestic office of a PDIC member bank |
| Single accounts | Added together at the same bank, up to ₱1 million |
| Joint accounts | Insured separately from single accounts; each owner’s combined share at the same bank is subject to a ₱1 million limit |
| E-wallet balance | Not covered merely because it sits in a finance app; first identify whether the balance is a bank deposit |
| Investments and trust products | Not deposit-insurance products |
| When protection matters | If a member bank is closed and PDIC validates the deposit |
The current limit replaced the previous ₱500,000 ceiling on March 15, 2025. PDIC states the amount as a maximum, not a guarantee that every peso-labelled product is insured.
How the ₱1 million limit works
The phrase “per depositor, per bank” has two parts.
Per depositor means PDIC looks at the person or entity that legally owns the deposit. It does not create a fresh ₱1 million limit for every account number.
Per bank means the calculation is repeated at each member bank. A depositor with ₱800,000 in Bank A and ₱800,000 in Bank B may have both balances within the limit, provided both are valid covered deposits. Moving the two balances into one bank would produce ₱1.6 million in deposits at that bank, of which at most ₱1 million falls within the ceiling.
PDIC also uses the concept of accounts held in the same right and capacity. All single accounts belonging to the same depositor at the same bank are normally added together. Splitting money among savings, checking and time-deposit accounts at one bank does not multiply the ceiling.
Example: several single accounts at one bank
Suppose Ana has these valid deposits at one member bank:
- savings: ₱400,000
- checking: ₱250,000
- time deposit: ₱600,000
The three single-account balances total ₱1.25 million. The maximum insured amount is ₱1 million; ₱250,000 is above the ceiling. This example assumes no offset for a past-due loan and that PDIC validates all three accounts.
Example: the same depositor at two banks
Suppose Ben has ₱900,000 in a member bank and ₱700,000 in another member bank. PDIC calculates the limit separately for each bank. The first bank’s ₱900,000 and the second bank’s ₱700,000 are each below ₱1 million.
A bank’s brands or apps can make this less obvious. Check the legal bank name in the account terms. Two apps operated by the same member bank do not necessarily create two insurance limits.
What deposit types PDIC covers
PDIC’s current brochure lists these valid deposit-account types in domestic offices of member banks:
- savings and special savings deposits
- demand or checking deposits
- Negotiable Order of Withdrawal accounts
- time deposits
- Islamic deposits as defined in BSP Circular No. 1139
The brochure says coverage can apply to personal or business deposits, single or joint accounts, and accounts denominated in Philippine pesos or in other currencies that the Bangko Sentral ng Pilipinas considers part of international reserves. Coverage still depends on the deposit being valid and on the institution being a PDIC member bank.
Do not decide from the product’s marketing name alone. A “savings” label inside an app can refer to an account with a partner bank, an e-money wallet, an investment product or a promotional pocket. Read the provider and product terms.
What PDIC does not cover
PDIC’s official brochure excludes bank products such as:
- bonds and securities
- trust accounts
- fictitious or fraudulent deposits
- deposits or transactions arising from unsafe and unsound banking practices
- proceeds of unlawful activity as defined under anti-money-laundering law
- deposits in non-banks, including cooperatives and non-stock savings and loan associations
An e-wallet balance is also different from a bank deposit. The wallet itself can be regulated by the BSP without being a PDIC-insured deposit. A separate savings account opened through the same app may be held by a named partner bank and follow that bank’s deposit-insurance rules. The provider shown in the account agreement is the useful test.
For a worked comparison, see GCash vs GoTyme vs MariBank. The page distinguishes GCash Wallet e-money from deposit accounts held at GoTyme Bank and MariBank. Is GCash a bank? explains the same legal distinction without comparing apps.
Single accounts and joint accounts are computed separately
PDIC says a depositor’s single accounts at one bank are grouped together up to the ₱1 million ceiling.
Joint accounts have their own calculation. Each joint account is insured up to ₱1 million, then that insured amount is divided among the owners. PDIC uses equal shares unless the bank’s deposit records show a different sharing arrangement. An owner’s combined share in all joint accounts at the same bank is itself subject to a ₱1 million maximum.
That does not mean one two-person account automatically pays ₱2 million. If a joint account holds ₱1.4 million and the records specify equal ownership, the account’s insured amount is capped at ₱1 million and divided equally, giving each owner a ₱500,000 insured share for that account.
The PDIC brochure also says that if a joint account is owned by an individual and a juridical entity, the entity is presumed to be the sole owner and the account is treated as a single account. Because ownership structures can be complicated, use the PDIC calculator or ask PDIC about a specific setup rather than relying on an informal split.
BY, ITF and FAO accounts
The name visible on an account is not always the insured depositor. PDIC identifies the beneficial owner for accounts marked:
- BY: “Juan Cruz BY Pedro Cruz” identifies Juan Cruz as the beneficial owner.
- ITF: “Juan Cruz In Trust For Maria Cruz” identifies Maria Cruz as the beneficial owner.
- FAO: “Juan Cruz For the Account Of Maria Cruz” identifies Maria Cruz as the beneficial owner.
PDIC bases its determination on the bank’s records. Account titles and beneficiary details should therefore be accurate before any bank closure occurs.
Does PDIC cover digital banks?
A digital bank can be a PDIC member bank. Deposit insurance follows the legal institution and the account type, not whether the service has branches or operates through an app.
Check three things:
- The legal provider is a bank supervised by the BSP.
- The account terms describe the balance as a deposit with that bank.
- The product is a valid covered deposit, rather than e-money, an investment or a trust product.
The GCash, GoTyme and MariBank comparison shows why the provider matters: the GCash Wallet balance is e-money, while eligible GoTyme and MariBank deposits are bank deposits.
What happens if a bank closes
PDIC protection becomes relevant after the Monetary Board orders a member bank closed and PDIC takes over. PDIC validates the bank’s records before paying insured deposits. Its deposit-insurance page says valid accounts are paid as soon as possible and within the set service time.
Some depositors may receive early payment under the procedure announced for a specific closed bank. Others must file a claim. The current PDIC filing brochure says claims must be filed within two years from PDIC’s takeover of the closed bank.
The brochure identifies claimants who must file, including depositors with balances over ₱100,000, incomplete or outdated addresses, outstanding obligations to the closed bank, accounts under a business or organisation name, accounts not eligible for early payment, and legal heirs of deceased depositors. The exact notice for the closed bank controls the process.
PDIC announces claims-settlement schedules and document requirements. Its brochure lists in-person and mail or courier filing methods, and says only complete claims are accepted. Do not send documents to an address copied from an old article: use the latest notice on the PDIC website for the closed bank.
Past-due loans can affect the payout
The PDIC brochure notes that payments for a depositor’s past-due loans in the same closed bank are automatically deducted from insured deposits. The headline ceiling therefore may not equal the cash paid to a depositor who owes the failed bank.
This is another reason to treat an online estimate as an estimate. Account validity, ownership, joint shares, outstanding obligations and the bank’s records all affect the final determination.
A practical way to check your protection
Use this checklist before depositing a large balance:
- Find the legal bank name in the account terms.
- Confirm the institution is a PDIC member bank.
- Confirm the product is a deposit account, not an e-wallet, investment, bond, security or trust product.
- Add all single accounts you hold at that bank.
- Calculate your shares in all joint accounts at that bank separately.
- Repeat the calculation for each bank.
- Keep your name, address and beneficiary records current.
- Use PDIC’s official e-Calculator for an estimate when the account structure is complicated.
Deposit insurance is a backstop for bank failure. It does not protect against sending money to a scammer, disclosing an OTP, buying an investment that loses value or paying an ordinary transfer fee. For transaction problems, start with BSP bank and e-wallet complaints. For unexplained inactivity charges, read dormant account fees.