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What is CODI?

The Corporation for Deposit Insurance (CODI) is a new subsidiary of the South African Reserve Bank (SARB) that will manage South Africa’s deposit insurance scheme.


CODI is a depositor insurance that provides cover of up to R100,000 for all qualifying depositors if their bank were to be liquidated. .

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Who qualifies?

All qualifying depositors (natural or non-financial persons making a deposit with the bank) automatically receive depositor’s insurance protection for qualifying products without having to apply.


If a bank is liquidated or ‘fails’, CODI will use the Deposit Insurance Fund to pay the bank’s covered depositors up to R100,000 per client.

Being a member of CODI is automatic and compulsory for all registered banks, including Nedbank. 

Deposit insurance protection

Deposit insurance protection


Depositors who qualify for deposit insurance protection include: 


  • Retail or individual depositors, including minors
  • Foreign retail and non-financial depositors

  • Legally incapacitated depositors

  • Deceased qualifying depositors

  • Charitable or non-profit organisations

  • Religious entities

  • Trade unions

  • Consumer associations

  • Non-financial corporate depositors, including sole proprietors
Capital-guaranteed deposit products

Capital-guaranteed deposit products


All capital-guaranteed deposit products held in South Africa will be covered, including but not limited to the following: 


  • Current accounts
  • Cash management structures

  • Savings accounts

  • Foreign currency or client foreign currency accounts

  • Transactional accounts

  • Tax-free savings deposits

  • Capital-guaranteed deposit notes

  • Call, term and notice investments

For an in-depth overview of CODI, visit SARB or watch this  video.

The deposit insurance scheme is expected to be in effect by April 2024.