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Deposit Insurance System in Kazakhstan Printable version

Last update: 05.04.2020

Kazakhstan Deposit Insurance Fund JSC was established in 1999 to administer the deposit insurance system.The Fund is a non-profit organization. The founder - the sole shareholder of the Fund is the National Bank of the Republic of Kazakhstan.
The Fund shall form a reserve at the expense of quarterly contributions of banks for payment of guarantee compensation in case of forced liquidation of the bank.
The legal basis of the deposit insurance system, as well as the rights and obligations of its participants are determined by the Law of the Republic of Kazakhstan "On Mandatory Guaranteeing of Deposits Placed with Second-Tier Banks of the Republic of Kazakhstan".

What deposits are subject to insurance?

Deposit insurance coverage shall extend to deposits of individuals (including individual entrepreneurs) in national and foreign currencies without accrued remuneration on them, held in bank accounts and certified by bank account or bank deposits agreements.

The KDIF’s insurance covers term deposits, savings deposits, demand deposits, contingent deposits, as well as money holding on current accounts and bank cards of the Deposit Insurance System’s member bank.

In the event of a DIS member bank’s forced liquidation, the depositor being the owner of bank account or savings account will be reimbursed within the deposit insurance coverage limit.

What is deposit insurance coverage?

According to the Law of the Republic of Kazakhstan “On compulsory insurance of deposits, placed in second-tier banks of the Republic of Kazakhstan”, the deposit insurance coverage is the amount of money payable by KDIF to any bank depositor in the event of bank failure.

What is the deposit insurance limit applied to deposits in tenge and in foreign currency?

On the per-depositor-per-bank basis, the deposit coverage limit for all deposits (bank accounts) of individuals shall amount to:

savings deposits in national currency: 15 million tenge,

deposits in national currency: 10 million tenge ,

deposits in foreign currency: 5 million tenge (in equivalent, at the currency exchange rate established as of the date of the court decision concerning the member-bank’s forced liquidation enters into legal force).

If the bank deposit agreement provides for compound interest, then the amount of compound interest shall be added to the deposit balance. In this case the insurance  is covered within the limits.

Should a depositor have 2 or more deposits in the same bank both in national and in foreign currencies, this depositor shall be reimbursed in the total amount up to 15 million tenge. 

If depositor’s balance exceeds the deposit coverage limit, then KDIF shall have the obligation to reimburse the depositor within the deposit insurance coverage limit. The depositor is entitled to receive the balance over the deposit insurance coverage limit from the over the deposit insurance coverage limit in the order established by the Law of the Republic of Kazakhstan “On banks and banking activities in the Republic of Kazakhstan”.

What are deposit insurance system member banks?

According to regulations of the Republic of Kazakhstan, any bank licensed by the National Bank of Kazakhstan to accept deposits, open and operate bank accounts, is a member of the deposit insurance system on a compulsory basis. Therefore, any deposit placed in a deposit insurance system member bank is protected by KDIF.

The up-to-date list of the deposit insurance system member banks is available on the KDIF’s website

What is not protected by KDIF?

Unallocated bullion accounts, money and precious items placed in safety deposit boxes, deposit certificates and deposits placed in Islamic banks shall not be covered by KDIF.

Shall deposits placed at various banks be covered on a stand-alone basis?

Yes. Should a depositor open deposits in a number of deposit insurance system member banks, these deposits at each bank shall be covered on per depositor – per bank basis within the deposit insurance coverage limit.

How will deposit coverage be paid on deposits placed in two different banks in the event of banks merger?

In accordance with the Law of the Republic of Kazakhstan “On Banks and Banking Activities in the Republic of Kazakhstan”, after the transfer of the merging bank’s obligations to the acquiring bank, the obligations to depositors, including the transferred bank accounts, are performed by the acquiring.

Individual depositors should know that the deposit coverage limits are set on per depositor – per bank basis, including the bank reorganized as a result of the banks merger.

In case of merging of two (or more) banks the depositors of each of these banks should pay attention to the total deposit amount in these banks. After the merger is completed, all deposits in the merged bank will be insured by KDIF within the deposit coverage limit for one bank. At the same time, the aggregate coverage per one depositor, as mentioned above, will not exceed 15 million tenge.

Shall accrued interest be covered?

According to the banking laws and regulations, KDIF shall not cover accrued interest. This obligation shall be settled by the liquidation commission of the failed bank.

Along with this, if the bank deposit agreement provides for compound interest, then the amount of compound interest shall be added to the deposit balance and, therefore, will become subject to KDIF’s deposit insurance coverage.

To calculate the deposit insurance coverage, please use a special calculator on the KDIF’s website

Contact Information:

Site -
Chat Telegramm - @kdif_ask
Call center - 1460 (free of charge)

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