Insured Deposits

Definition of Deposits

According to the Bank Deposit Security Fund (BDSF) Law of 1996, Chapter One: Preliminary Provisions – Title and Commencement, with respect to the interpretation and definition of terms, a deposit means the total balance in the account of any client, under whatever name, with any bank. However, it does not include:

• Any amounts due to a foreign state, a public institution or corporation, any federal or state ministries, local government bodies, or any other bank.
• Any amounts due on account of a deposit made outside Sudan.
• Any amounts due to a banking institution that does not operate in Sudan.

Insured Deposits

According to Article (17) of the BDSF Law, the Fund shall be bound to guarantee the total of all deposits in local currency, with the exception of:

• Deposits attached as guarantees or securities against banking operations.
• Deposits of the chairman, members of the board of directors, and the general manager of any guaranteed bank.
• Deposits of any shareholders where it is determined by the Fund that they bear responsibility for the unsound financial condition of the concerned bank.
• Deposits of the chartered accountants appointed to audit the accounts of the concerned bank.
• Deposits of the spouses and minor children of the persons referred to in paragraphs (2) and (4).
• Deposits determined by the Board to have been obtained through illegal means.
• Deposits of any company in which the bank holds the largest number of shares.
• Any other deposits that the Board may decide to exclude.