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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.
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
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
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.
