The update of Deposit Insurance Fund (FSD) coverage limit to S/ 116,700The measure, in effect for the period from December 2025 to February 2026, once again raises the question of the true level of protection afforded to the savings of users of the financial system. Although the figure may seem high, the reduction compared to the previous period generates reasonable doubts among those with significant balances in banks, finance companies, or savings banks.
This mechanism, managed by the Superintendency of Banking, Insurance and AFP (SBS) In Peru, it functions as a safety net for depositors if an entity is declared dissolved and liquidated. The new cap of S/ 116,700 per person and per entity This means that if a bank or savings bank goes bankrupt, the fund is only liable up to that total amount per customer at that institution, regardless of the number of accounts or products they have contracted.
New limit of S/ 116,700 and reason for the reduction
For the quarter from December 2025 to February 2026The SBS has set the maximum amount covered by the Deposit Insurance Fund in S/ 116,700This decision is set out in Circular No. F-615-2025, issued in accordance with the powers granted by Article 349 of the General Law of the Financial and Insurance System (Law 26702 and its amendments).
The new cap represents a reduction of S/ 1,600 compared to the immediately preceding quarter (September – November 2025), when coverage was established in S / 118,300This is not an isolated adjustment, but rather a continuation of a downward trend that has been observed throughout 2025.
The regulations state that the The insurance amount is reviewed every three months. based on the variation of the Wholesale Price Index (WPI). On this occasion, the decline in the MPI This explains why the insured amount is reduced instead of increased, something that may clash with the common perception that inflation only pushes the figures upwards.
In practice, this update means that if an entity belonging to the FSD goes into liquidation during this period, the fund will recognize a maximum of S/ 116,700 per depositorRegardless of whether the customer had more money in the bank. Anything above that level is therefore excluded from protection.
Evolution of the Deposit Insurance Fund during 2025
Throughout 2025, a progressive reduction of the guaranteed limit by the Deposit Insurance Fund. Taking the different quarters as a reference, the pattern is clearly downward and leaves a significant accumulated balance.
These have been the niveles maximum coverage per period:
- December 2024 to February 2025: S / 121,600
- March to May 2025: S/ 121,000 (decrease of S/ 600)
- June to August 2025: S/ 120,000 (decrease of S/ 1,000)
- September to November 2025: S/ 118,300 (decrease of S/ 1,700)
- December 2025 to February 2026: S/ 116,700 (decrease of S/ 1,600)
Overall, since the start of the year, the maximum insurance coverage has been reduced by S / 4,900Although the basis of this adjustment is technical (the variation in the IPM), for savers the result is very tangible: The safety net offered by the FSD is smaller today that in early 2025.
The SBS is legally obligated to recalculate the FSD amount each quarterThis is precisely so that the limit remains consistent with the evolution of the economy and wholesale prices. In contexts of stability or an increase in the PPI, the figure can rise; in periods of decline, such as the current one, the protection ceiling also decreases.
What exactly does the Deposit Insurance Fund cover?
The Deposit Insurance Fund does not protect everything a customer may have contracted with their bank, but rather a specific list of products considered depositsThe focus is on guaranteeing access to basic savings for individuals and certain non-profit entities.
Specifically, the coverage extends to the registered deposits, in any of its forms, belonging to Natural persons and private non-profit legal entitiesAlso included are demand deposits of other legal entitiesThat is, the accounts that these entities use for their daily operations.
The insured products include the following: demand deposits, savings accounts, fixed-term deposits and Compensation for Length of Service (CTS) fundsFurthermore, the insurance not only covers the capital, but also the accrued interest since the deposit was established or since its last renewal, provided that all of this is within the total limit of S/ 116,700.
Another important aspect is that the FSD also covers the foreign currency savings, although always payable in their equivalent in national currency. In the case of the joint accountsThe balance is divided proportionally among the different holders, and each part is considered an individual deposit subject to the coverage limit per person.
How coverage is applied: per person and per entity
One of the key points that sometimes goes unnoticed is that the The FSD limit applies per depositor and per financial institution.This means that even if a person has multiple products at the same bank (multiple accounts, fixed-term deposits, CTS, etc.), the total protected sum cannot exceed [amount missing]. S / 116,700 in that institution.
If a customer distributes their money among different entities affiliated with the FSD, It has the same limit in each of themThus, a common strategy for those handling large sums of money is to diversify savings across several banks or savings banks to maximize the portion effectively covered by the fund.
When a member entity is declared in dissolution and liquidationThe SBS prepares a list of insured parties and amounts recognized which serves as the basis for payments. This statement details how much each depositor is entitled to within the maximum amount covered by the FSD, taking into account the type of account, its balances, and the accrued interest.
The insurance claim is processed following the procedures established by the SBS and the Deposit Insurance Fund itself, which aim to ensure that those affected can recover the guaranteed portion of your savings as soon as possibleAny surplus exceeding the limit must be claimed subsequently in the insolvency or liquidation proceedings of the entity.
Which entities are included in the Deposit Insurance Fund?
The reach of the FSD extends to a significant portion of the formal financial system, though not the entirety. According to the most recent data, 40 financial entities They currently participate in the protection scheme, contributing periodically to the fund with their mandatory contributions.
These institutions include 17 banks, which includes large and prominent entities such as BCP, BBVA, Scotiabank, Interbank or Mibanco, as well as other smaller entities specializing in different customer segments.
The group is completed by 7 financial companies (such as Crediscotia, Financiera Confianza or Oh!, among others), 11 municipal savings banks savings and credit and 5 rural savings banksAll of them are formally part of the Deposit Insurance Fund and, therefore, the aforementioned products of their clients are protected up to the current limit.
It is important to keep in mind that, when a new entity begins operations In this country, it is not immediately incorporated into FSD coverage. The general rule is that it must contribute to the fund for 24 months before their deposits are guaranteed. During that period, customers of that institution are not protected by deposit insurance, something that is not always known or appreciated when taking out a deposit.
It is recommended for users Check if your bank, financial institution or savings bank is affiliated with the FSD and from when, so that they are clear about whether their savings are effectively protected and up to what amount in case of serious problems in the entity.
The current scenario, with a a limit of S/ 116,700 and a downward trajectory throughout 2025This forces savers to be more discerning when planning where and how they allocate their money. Understanding exactly what the Deposit Insurance Fund covers, who benefits from it, and what its practical restrictions are has become almost as important as choosing the return or fees of a deposit. a high-yield savings account or a fixed-term deposit.
