According to the Regulations on Deposit Insurance, deposit insurance covers all banking financial institutions that take deposits, including commercial banks, rural commercial banks and rural credit cooperatives established in China.
Insured deposits include RMB deposits and foreign currency deposits absorbed by insurance institutions. However, inter-bank deposits of financial institutions, deposits of senior managers of insurance institutions in this insurance institution and other uninsured deposits stipulated by the deposit insurance fund management institution are excluded.
According to the deposit insurance regulations, deposit insurance is subject to a limit payment, and the maximum payment limit is 500,000 yuan. If the total amount of funds calculated by the same depositor in all insured deposit accounts of the same insurance institution is within the maximum repayment limit, full repayment will be implemented; The part exceeding the maximum payment limit shall be compensated from the liquidation property of the insurance institution according to law.
As a part of the national financial safety net, deposit insurance is mainly funded by premiums paid by financial institutions according to regulations. The main purpose of collecting premiums is to strengthen the market constraints on financial institutions and promote the steady operation and healthy development of banks.
According to the Deposit Insurance Regulations, depositors have the right to require deposit insurance fund management institutions to use deposit insurance funds to pay insured deposits; The deposit insurance fund management institution acts as the takeover institution of the insurance institution; The deposit insurance fund management institution shall liquidate the cancelled insurance institution; The people's court ruled to accept the bankruptcy application of the insurance institution; Other circumstances approved by the State Council. In order to ensure the timeliness of payment and fully protect the rights and interests of depositors, the Regulations stipulate that the deposit fund insurance management institution shall pay the deposit in full within 7 working days from the date of the above situation.
The People's Bank of China shall set up a special account for the deposit insurance fund, which shall be managed and accounted for separately, and the management shall be undertaken by the People's Bank of China.