Depositor Compensation Scheme

The Depositor Compensation Scheme will cover each depositor up to $100,000 per deposit taker (such as banks and non-bank deposit takers, including credit unions, building societies and finance companies) in the unlikely event of failure, when money is held in DCS-protected accounts. The Reserve Bank of New Zealand - Te Pūtea Matua (RBNZ) has a helpful explainer on its website — visit RBNZ Website.

The Deposit Takers Act 2023 was established to create a single, modern regulatory framework for all deposit takers in New Zealand. The Depositor Compensation Scheme is one of the first initiatives under this act. This scheme has been implemented to give confidence to the depositors that their money is protected, adding to the stability of New Zealand's financial system.

In the unlikely event, if Bank of India (New Zealand) Limited was to fail, the following products and accounts would be covered by the Depositor Compensation Scheme, up to a total of $100,000 per depositor. These products and accounts are referred to as DCS-protected accounts.

• Following accounts are DCS-protected accounts in our bank:
• 1. Savings Account
• 2. Current Accounts
• 3. Term Deposit Account
• 4. Any positive balance in Loan and Overdraft accounts.

Please note that a small number of depositors, such as government agencies, are not eligible under the Depositor Compensation Scheme.

Visit RBNZ Website for more information.

For details on Deposit Takers Act, visit legislation.govt.nz.