Yes, up to a limit. The Central Bank of Bahrain (CBB) runs a deposit protection scheme that covers eligible accounts of individuals up to BD 20,000 per person. The limit applies to the total of your eligible accounts.
How it works
- The scheme is set out in CBB Resolution No. 34 of 2010.
- It covers deposits in conventional banks. It covers unrestricted investment accounts in Islamic banks on the same basis.
- It is prefunded: there are two separate funds, one for conventional banks and one for Islamic banks, run by one board. That means money is already set aside rather than collected after a failure.
- Before this scheme, the cover was 75% of deposits or BD 15,000, whichever was lower.
What people miss
- The cover is for eligible accounts of individuals, so check the detailed rules if you hold business accounts, investment products or restricted accounts. The full rules are in the CP module of the CBB Rulebook.
- Savings above BD 20,000 in one bank are not covered beyond that amount.
Problems with a bank
For a complaint about a bank's service, the CBB Consumer Protection office takes calls on +973 17547789.