The Corporation for Deposit Insurance is South Africa’s Deposit Insurance Scheme that ensures depositors have reasonable access to their covered deposits should their bank fail.

CODI protects individual and non-financial corporate depositors with accounts in qualifying products such as savings and transactional accounts, and fixed and notice deposits.

*Applicable to Al Baraka Bank's Transactional Banking Accounts


CODI protects up to R100 000 of your account balances  in qualifying products per depositor per bank.
While South Africa has a resilient financial sector, it is important to have an orderly plan to give qualifying depositors access to up to R100 000 of their accounts in qualifying products should a bank fail. This further strengthens confidence in our banks. 
CODI’s protection is automatic for all qualifying depositors with accounts in qualifying products. You do not have to register to be covered by CODI.

No. Depositors will not make any payments to CODI for deposit insurance protection. CODI will establish and build a Deposit Insurance Fund (DIF) with financial contributions from member banks. 

CODI protects banking products where the nominal balance is guaranteed and repayable at par. This means that CODI protects banking products where the depositor is entitled to the full account balance as at a specific date. Qualifying product typically includes, but are not limited  to the following account types:

Current Accounts  Savings Accounts
Term and notice account  Term and notice savings account
Islamic Wadi'ah account Tax-free savings account
Islamic Qard account* Islamic Murabaha account

*Applicable to Al Baraka Bank's Transactional Banking Accounts

CODI will not cover:

  • deposits by banks;
  • deposits by the non-bank private financial sector, including money market unit trusts, non-money  market  unit trusts,  insurers,  pension funds, fund managers and other private financial corporate  sector institutions; 
  • deposits by government institutions, including local, provincial and national government, public financial sector entities, the Public Investment Corporation (PIC), the Corporation for Public Deposits (CPD), other public non-financial corporations and monetary authorities;
  • accounts where the capital amount is not guaranteed and not repayable at par, such as investment accounts in unit trusts and shares*;
  • holdings of commodities; and
  • electronic money products.

*Applicable to Al Baraka Bank’s Mudaraba Investment Account

By law, all banks are members of CODI. 
CODI became operational on 1 April 2024. 

Visit CODI or click here to download the brochure

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