How does PDIC insurance apply to Joint Salmon Time Deposit accounts?

Deposits are insured by the Philippine Deposit Insurance Corporation up to ₱1,000,000 per depositor per bank, subject to PDIC rules.

For Joint Salmon Time Deposit accounts, each owner, as a general rule, has an equal ownership share.

For example:

•If there are 2 owners, each owner has a 50% share

•If there are 10 owners, each owner has a 10% share

PDIC insurance applies if a member bank is closed by the Bangko Sentral ng Pilipinas. It does not cover losses from fraud, scams, or unauthorized transactions.

For the complete details, review the Salmon Bank (Rural Bank) Deposit Products Terms and Conditions , the Joint Account Agreement , and PDIC rules.