Is my money safe if my bank closes? (PDIC deposit insurance)
Last updated: 2026-07-12 · Educational content; not legal advice.
Short answer
Your bank deposits are insured by the Philippine Deposit Insurance Corporation (PDIC) up to ₱1,000,000 per depositor per bank, effective 15 March 2025 (raised from ₱500,000), under the PDIC Charter (RA 3591, as amended). This covers valid deposits — savings, checking/current, time deposits, and (per PDIC) foreign-currency deposits — held in a PDIC-member bank if that bank is ordered closed by the BSP. It does not cover investments, or a plain e-wallet balance, which is e-money and not a bank deposit — see the separate rule at /answer/is-my-gsave-or-maya-savings-pdic-insured. If your bank is closed, you do not pay PDIC anything: watch for PDIC's public notice, then file your deposit-insurance claim with your evidence (passbook/certificate, valid ID) within the period PDIC announces.
Primary sources
Frequently asked
How much does PDIC insure?
Up to ₱1,000,000 per depositor per bank, effective 15 March 2025 (raised from ₱500,000), under RA 3591 as amended. Deposits across separate PDIC-member banks are insured separately.
Do I have to pay for PDIC insurance?
No. Deposit insurance is funded by member banks' assessments, not by you. If your bank is closed, you file a claim — you are not charged a premium.
Is my GCash or Maya wallet balance covered?
A plain wallet balance is e-money from a non-bank issuer, not a bank deposit, so it is not itself PDIC-insured — that distinction is explained at /answer/is-my-gsave-or-maya-savings-pdic-insured. A savings account held with an actual bank is.
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Your rights as a bank depositor — is your money safe if your bank closes (PDIC insures deposits up to ₱1,000,000 per depositor per bank since 15 March 2025), why an account gets frozen and how to lift a court, AMLC, or garnishment hold, below-maintaining-balance and dormancy fees and when a bank may charge them, when an account becomes dormant and can be escheated to the government under the Unclaimed Balances Law (Act 3936), why you can be criminally charged for a bounced check (BP 22) yet not jailed for simple debt, the confidentiality of your deposits under the Bank Secrecy Law (RA 1405 / RA 6426) and its narrow exceptions, joint accounts and what happens to a deposit when a depositor dies, and how to file a complaint against your bank with the BSP.