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Deposit Insurance System in Kazakhstan Printable version

Last update: 20.03.2023

Kazakhstani Deposit Guarantee Fund JSC (hereinafter: KDGF) was established in 1999 to administer the deposit guarantee system. The Fund is a non-profit organization. The founder and sole shareholder of the Fund is the National Bank of the Republic of Kazakhstan.

At the expense of quarterly contributions from banks, the Fund forms a reserve for payment of guaranteed compensation in case of forced liquidation of a bank.

The legal basis of the deposit guarantee system, as well as the rights and obligations of its participants are determined by the Law of the Republic of Kazakhstan "On Compulsory Guaranteeing of Deposits Placed in Second-Tier Banks of the Republic of Kazakhstan".

Which deposits are subject to guarantee?

The objects of guarantee are deposits of individuals (including individual entrepreneurs) in national and foreign currency held in bank accounts certified by bank account or bank deposit agreements.

The KDGF guarantee covers low-priority, fixed-term and savings deposits, on-demand deposits, escrow deposits, as well as money on current accounts and payment cards of banks participating in the mandatory deposit guarantee system.

In case of forced liquidation of a bank, an owner of a bank account/deposit receives a guarantee refund within the maximum amount of the guarantee reimbursement.

What does KDGF guarantee NOT cover?

Metal accounts of individuals, money and valuables placed in bank cells, deposit certificates, as well as deposits placed in Islamic banks are not subject to guarantee from KDGF.

What is a guarantee reimbursement?

Pursuant to the Law of the Republic of Kazakhstan "On Compulsory Guaranteeing of Deposits Placed in Second-Tier Banks of the Republic of Kazakhstan", a guarantee reimbursement is the amount of money to be paid to a depositor by KDGF under a guaranteed deposit.

What is the maximum amount of guarantee for deposits in KZT and in foreign currency?

Guarantee for all the deposits (bank accounts) for one depositor in each of the banks is as follows:

  • up to KZT 20 million tenge for savings deposits in national currency,
  • up to KZT 10 million tenge inclusive for deposits in national currency,
  • up to KZT 5 million tenge for deposits in foreign currency (equivalent to the market exchange rate established on the date of revocation of a bank's license).

If a bank deposit agreement provides for capitalization, the remuneration is added to a total amount of the deposit. In this case, the guarantee applies to the entire amount of deposit within the maximum guarantee.

If a depositor has other types of deposits in addition to the savings deposit in KZT, the total amount of guaranteed reimbursement is KZT 20 million (including accrued remuneration). If an amount of a deposit exceeds the amount of the guaranteed reimbursement, KDGF will pay reimbursement within the maximum amount. A depositor has the right to receive the balance in excess of this amount from the liquidation commission of a bank being forcibly liquidated in the order of priority established by the Law of the Republic of Kazakhstan "On Banks and Banking Activities in the Republic of Kazakhstan".

Which banks participate in the deposit guarantee system?

Pursuant to the legislation of the Republic of Kazakhstan, each bank that has received a license from the National Bank of the Republic of Kazakhstan to accept deposits, open and maintain bank accounts of individuals, automatically becomes a participant in the deposit guarantee system, which means that a deposit placed in such a bank is protected by the KDGF.

The relevant list of banks participating in the compulsory deposit guarantee system is available on the KDGF website (www.kdif.kz).

Does the guarantee cover the deposits placed in several banks simultaneously?

Yes, if you place deposits in several banks participating in the compulsory deposit guarantee system, then your deposits are guaranteed separately in each of these banks within the maximum amount of guaranteed reimbursement.

How will the guarantee on deposits placed in two different banks be paid if these two banks merge?

Pursuant to the Law of the Republic of Kazakhstan "On Banks and Banking Activities in the Republic of Kazakhstan", after transfer of obligations of an affiliated bank to a bank to which the accession is being carried out, fulfillment of obligations to depositors, including maintenance of transferred bank accounts, is carried out by a bank to which the accession is being carried out.

Depositors (individuals) need to remember that deposit guarantee limits are set for one depositor in one bank, including reorganized as a result of the merger of banks.

When merger of two (or more) banks occurs, customers with deposits in each of these banks need to pay attention to the total amount of deposits in these banks. Upon merger completion, all cash deposits in a united bank will be guaranteed by the KDGF within the maximum amount of a deposit guarantee in one bank. Thus, the total guarantee compensation per depositor, as mentioned above, will not exceed KZT 15 million.

Is there any guarantee for deposit reward?

Starting from January 1, 2020, the deposit reward accrued on the date of a license revocation from a bank is also covered by the KDGF guarantee within the maximum amount of the guarantee reimbursement.

To pre-calculate the amount of the guarantee reimbursement, use a special calculator on the KDGF website: http://www.kdif.kz/.

Contact details of KDGF JSC 

Website: www.kdif.kz/ru
Telegram chat: @kdif_ask
Call Center: 1460 (free-of-charge)

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