How does the DPF compute and collect the annual premiums?

  • Annually, DPF serves contributing institutions with a notice specifying the expected annual premium amount and the period within which it should be paid.
  • The annual premium is at least 0.2 per cent of the average weighted deposit liabilities of the contributing institution over the previous financial year.
  • The DPF may from time to time vary the percentage.
  • The annual premium should be paid to the Fund in the period not more than twenty-one days after the date of service of the notice.
  • A contributing institution which for any reason fails to pay its premium to the Fund within the period of 21 days is liable to pay a civil penalty interest of one half per cent of the unpaid amount for every day outside the notice period on which the amount remains unpaid.