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Q1. Are depositors required to apply or register for BDIS Protection?

There is no need to register for the protection.  It is automatically provided to the depositors on their eligible deposits, free of charge.


Q2. What are the limits of BDIS Reimbursement?

The eligible deposits’ reimbursement amount is up to OMR 20,000/=.
Deposits of OMR 20,000/= and below will be compensated in full.


Q3. Will depositors be compensated if they had multiple accounts in the same bank?

If a depositor has different accounts in the same bank, then all eligible deposits under BDIS in the bank will be added together for reimbursement purpose, (subject to other conditions).


Q4. Will depositors be compensated if they had multiple accounts in several banks?

The eligible deposits under BDIS of the same depositor(s) in several banks will be treated separately. The depositor(s) will be able to receive up to the limit of OMR 20,000/= per bank (subject to other conditions).


Q5. How do you calculate net deposit in case Depositor has a Loan (or Other Liability)?

All liabilities of the depositor(s) shall be deducted from his account with the Member Bank for BDIS calculations.
e.g.:     Loans                        OMR 30,000/= 
            Deposits                    OMR 70,000/=
            Net Deposits              OMR 40,000/=
            BDIS Protection         OMR 20,000/=


Q6. How do joint accounts be covered under BDIS?

The joint account holders are treated separately according to their portion for reimbursement purpose.
e.g.:  Zaid & Abaid have joint account of OMR 50,000/= with 50% each (OMR 25,000/=), then each of them will get maximum of OMR 20,000/= (subject to other conditions).


Q7. Will I be covered if my deposit is in foreign currency?
For deposits in foreign currency, payment shall be made in Omani Rials based on net deposits payable in foreign currency converted at the middle exchange rate prevailing on the date specified by the CBO.

Q8. Time Deposits, Rights or Liabilities

In case of Time deposits or rights or liabilities falling due in the future, they will be treated as if they actually exist and as if the deposit is payable on demand or the liabilities become payable on the date specified in accordance with the Law of the scheme.
e.g.: If a depositor(s) has a fixed deposit maturing in one year and the bank(s) fails after 6 months, then interest will be paid for 6 months.


Q9. What happens to the remaining amount if my deposit is over OMR 20,000?

Depositor(s) as creditors of a failed bank(s) have other rights as per the Law in the Sultanate. When the liquidation process takes place, depositor(s) will have the right to make claims from the bank(s) for whatever monies they did not receive over and above BDIS reimbursement. However this is subject to the legal process which will take time.
Q10. How is BDIS funded?

BDIS is funded by annual premiums paid by member banks. Member banks cannot levy the premium on their customers, hence there is no direct cost to depositors for deposit insurance protection and depositors do not need to pay for this protection.


Q11. What happens to premiums paid by member banks?

The Premiums are used to build the fund to meet any payment to depositor should a member bank fails as well as other administrative or operational costs related to the fund.


Q12. How does a depositor submit a complaint?

The depositor(s) may submit a complaint to the Central Bank within 7 days from the date on which he/she received the amount allotted to him or from the date on which he/she was notified that he/she is not entitled to any amounts. Such complaint must be heard by CBO as soon as possible and within one month duration from the date of submission. The decision made by the Central Bank regarding the depositor’s entitlement shall be final and binding.

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