1. What is FGC?

FGC is a private, non-profit organization that manages the safety net mechanism for depositors and investors in the Brazilian Financial System, up to the limits established by regulation, against its member financial institutions, in the event of intervention and extrajudicial liquidation and recognition, by the Central Bank of Brazil, of the insolvency of the member institution. Further, FGC’s purpose includes, considering its institutional mission to contribute to the stability of the Brazilian Financial System and to preventing a systemic banking crisis, contracting financial assistance and support transactions, including liquidity transactions with its member institutions, whether directly or through the intermediation of companies appointed thereby, including their controlling shareholders.

02. Which financial institutions are members of Fundo Garantidor de Créditos – FGC?

FGC’s member institutions are Caixa Econômica Federal, multiple banks, commercial banks, investment banks, development banks, credit, consumer credit and investment companies, real estate credit companies, mortgage companies and savings and loan associations operating in Brazil that fulfill one of the following requirements:

  • receive demand deposits, savings deposits or term deposits;
  •  accept bills of exchange;
  •  raise funds through the issuance and placement of real estate notes, mortgage notes, real estate letters of credit or agribusiness letters of credit;
  •  raise funds through repurchase operations involving securities issued by related companies.


FGC membership is mandatory in accordance with the Central Bank of Brazil.

03. Which of my credits are guaranteed by Fundo Garantidor de Créditos – FGC?

The following credits are entitled to ordinary guarantee:


  •  demand deposits or deposits drawable upon prior notice;
  •  savings deposits;
  • term deposits with or without the issuance of a certificate; (CDB,RDB)
  • deposits held in accounts not drawable via check used to record and control the flow of funds related to the rendering of payment services for salaries, remuneration, retirement benefits, pension benefits and similar payments;
  • bills of exchange; LC
  •  real estate notes; LI
  • mortgage notes; LH
  • real estate letters of credit; LCI
  • agribusiness letters of credit; LCA
  • repurchase operations involving securities issued, after March 8, 2012, by related companies.


The following credits are not covered by guarantee:


  • deposits, loans or any other funds raised abroad;
  • operations related to government-interest programs created by law;
  • deposits in court;
  • any financial instrument containing a subordination clause, whether or not authorized by the Central Bank of Brazil to be part of the regulatory capital of financial institutions and other institutions authorized to operate by said Autonomous Government Agency.

04. What is limit of guarantee offered by FGC?

The maximum amount of guarantee per person against the same member institution or against all member institutions that are part of the same financial conglomerate is two hundred and fifty thousand reais (R$ 250,000.00).

05. When the holders of credit in a joint account are spouses or dependents, what is the amount to which each one is entitled?

Joint accounts, regardless of the relationship between the holders, are entitled to guarantee up to the limit of two hundred and fifty thousand reais (R$ 250,000.00), divided equally among the accountholders. (See examples under Coverage Limit.)

06. Why is the money I invest in Investment Funds not guaranteed by FGC?

Financial Investment Funds are entities created in the form of mutual funds. They represent the joint funds raised from clients for investment in a diversified portfolio of financial assets, whose regulations are registered at notary publics. In general, they are managed by a financial institution and are subject to the supervision and oversight of the Central Bank of Brazil or of the Securities and Exchange Commission of Brazil (CVM), depending on their nature.

07. Since the ordinary guarantee is limited to R$ 250,000, what happens in the case of mergers and consolidations of financial institutions?

In the case of mergers or consolidations authorized by the Central Bank of Brazil that result in the creation of a single conglomerate, whereby the investor invested their funds in the original  Institution in term deposits without daily liquidity or free transaction, i.e. when the investor may not withdraw/redeem their investment from the current institution, the amounts are guaranteed in accordance with the limits existing at the original institution until their maturity, in accordance with current criteria and limits.

And, in the case of the intervention or liquidation of the new institution, the limits are calculated  separately  for  each  of  the  original  institutions.  For  readily  available investments (CHECKING ACCOUNT, SAVINGS ACCOUNT, DAILY-LIQUIDITY INVESTMENTS, ETC.), the limits are combined into a single limit on the day after the merger or consolidation.

08. Do investors have to produce evidence of their investment at the original institution?

The evidence is provided by the Liquidator/Intervenor, at the client’s request, upon documental proof to be provided by the client.

09. Is there any change to the limits of FGC coverage in the event of a merger/consolidation of member institutions in the case of operations transacted prior to the event?

In these cases (merger/consolidation), FGC understands that if the client did not have the option of redeeming their balance or investment (certificate of deposit or future maturity without liquidity) prior to the special insolvency regime of intervention or extrajudicial liquidation, the limits of guarantee are treated separately, i.e. as per the situation prior to the merger or consolidation. Now, in the case of balances available for redemption, if a merger or consolidation does occur, the limit is treated as a single institution.

10. After I make my investment, is there any risk of the institution in which I invested my money leaving FGC membership? Will I lose the FGC guarantee?

All Financial Institutions authorized by the Central Bank to operate in Brazil that issue guaranteed securities (See tab Guarantee > Object) are mandatory FGC members and may not leave if they hold outstanding securities in their portfolio. Therefore, clients remain protected by guarantee throughout the duration of their investment

11. When will I be entitled to receive the FGC guarantee and what is the amount to be paid, only the principal or also the interest on the investment?

The event activating the guarantee is the date on which the Central Bank of Brazil declares the special insolvency regime (Intervention or Liquidation) of the Financial Institution, closing it to access by the public.

The Intervenor or Liquidator prepares the information based on the balance sheet reported by the Financial Institution on said date, in accordance with the limit provided for in Resolution 4,469/16.

The balance is the sum of the principal invested and the interest income. Therefore, the payment includes the principal plus the interest earned up to the date of declaration of the special insolvency regime, provided it is equal to or less than the limit.

12. How do I know if a bank is part of a conglomerate?

You can consult the website of the Central Bank of Brazil (see link below).





» Sistema Financeiro Nacional

» Informações cadastrais e sobre Contabilidade

» Informações cadastrais

»   Cadastro  de   instituições  (endereço,  diretores,  redes  de   agência,  dados  do conglomerado, carteiras, tarifas, etc.)

13. What documents are required to be entitled to FGC guarantees when investing through a brokerage firm?

For investments made through an intermediary institution (Broker or Distributor), the document required is the transaction statement issued to the client in accordance with Circular 915/85, which identifies all characteristics of the investment and of the bank issuing the asset. The asset also must be registered, on behalf of the client, with CETIP - OTC Clearing House or BM&FBovespa - Securities, Commodities and Futures Exchange.


The Broker/Distributor must then deliver the trading statement and proof of registry at CETIP or BM&FBovespa to the client so they may be kept together with the last monthly statement.

14. When I invest through a Broker, if the Financial Institution issuing the product I acquired goes bankrupt, will FGC pay the guarantee to the broker or directly to the client?

The client is the one entitled to the guarantee, not the broker, so the payment is made directly to the client. For this, the client must have the trading statement issued by the broker containing the identification and maturity of the investment.

15. How long does FGC takes to pay the guarantee to the creditor?

The FGC cannot determine a period, because it depends on information to be received from the Intervenor or Liquidator, depending on the case. “Once the information and documents are received, payment takes from 10 to 15 days.”

16. Who is entitled to FGC guarantees?

All individuals (CPF) and companies (CNPJ), in accordance with Article 2, Paragraph 3, item II of the FGC Regulations, Appendix II to Resolution 4,469/16.


“The credits of each creditor identified by their respective Individual (CPF) or Corporate (CNPJ) Taxpayer ID against all member institutions of the same financial conglomerate shall be added together;"