How does PDIC insurance work for my joint deposit?

For a Joint Account, PDIC insurance coverage applies to the account as a whole, up to the maximum insured amount of ₱1,000,000. 

If the account has multiple co-owners, this insured amount is divided among them based on their ownership shares as reflected in the bank’s records. 

Example: If a Joint Account has a balance of ₱10,000,000 and is owned equally by 10 individuals:

• The account is covered by PDIC for up to ₱1,000,000 in total.
• The ₱1,000,000 coverage is divided equally among the 10 co-owners. This means that each co-owner receives ₱100,000 in deposit insurance coverage for this Joint Account.
• The remaining ₱9,000,000 is not covered by deposit insurance.