What does it mean that the bank sends a text message saying that the deposit has joined the national deposit insurance system?

Deposit insurance, also known as deposit protection, refers to the establishment of a special deposit insurance fund by the state in the form of legislation, which makes it clear that when a single financial institution has problems in its operation, it will pay depositors in time according to regulations to protect their rights and interests.

The scope of protection is: according to the Deposit Insurance Regulations, deposit insurance covers all banking financial institutions that take deposits, including commercial banks, rural cooperative banks and rural credit cooperatives established in China. Insured deposits include RMB deposits and foreign currency deposits absorbed by insurance institutions. However, inter-bank deposits of financial institutions, deposits of senior managers of insurance institutions in this insurance institution and other uninsured deposits stipulated by the deposit insurance fund management institution are excluded.

Extended information depositors have the right to ask the deposit insurance fund management institution to use the deposit insurance fund to pay the insured deposits under the following circumstances: the deposit insurance fund management institution acts as the takeover organization of the insurance institution; The deposit insurance fund management institution shall liquidate the cancelled insurance institution; The people's court ruled to accept the bankruptcy application of the insurance institution;

Other circumstances approved by the State Council. In order to ensure the timeliness of payment and fully protect the rights and interests of depositors, the Regulations stipulate that the deposit insurance fund management institution shall pay the deposit in full within 7 working days from the date of the above situation.

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