National Bank of the Virgin Islands Limited was established in 1974 by the Government of the British Virgin Islands to facilitate providing loans to local farmers and fishermen. National Bank of the Virgin Islands operates as a full-service commercial bank, providing retail and business banking products and services to domestic customers.
Although there is no deposit guarantee scheme in the British Virgin Islands, the Government of the British Virgin Islands acknowledged the need to offer some level of security to depositors. In May 2016, the Virgin Islands Deposit Insurance Act 2016 (VIDIC Act) providing necessary framework was published. The implementation of the deposit insurance system is designed to protect at least savings of domestic depositors in the Territory: in the case of National Bank of the Virgin Islands Limited failure its depositors will not get any compensation.
National Bank of the Virgin Islands Limited is located in Tortola.