Kazakhstani Deposit Guarantee Fund JSC 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.

The Fund uses quarterly contributions from banks to create a reserve for guarantee refund payments in the event that a bank loses its licence.

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 guarantee covers deposits held in bank accounts in national and foreign currencies by individuals (including individual entrepreneurs, private notaries, private bailiffs, lawyers and professional mediators), as certified by bank account or deposit agreements.

The KDGF guarantee applies to the following types of deposits: deposits with no term; fixed-term deposits ; savings deposits. It also applies to money in current accounts and payment cards of banks participating in the mandatory deposit guarantee system.

If the bank's licence to carry out operations is revoked, account and deposit holders are guaranteed a refund up to the limit established by the law.

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?

The guarantee depends on the type and currency of the deposit and amounts to:

• up to KZT 20 million for savings deposits in national currency,
• up to KZT 10 million inclusive for other deposits, including current and card accounts, in national currency,
• up to KZT 5 million 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 covers the full deposit amount, including interest, up to the maximum guaranteed amount.

If the depositor has other types of deposits besides the savings deposit in tenge, the total amount of the guarantee refund is KZT 20 million for savings of one depositor in one bank. If the amount of the deposit exceeds the amount of the guaranteed refund, the KDGF will pay compensation up to 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, any 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 current list of banks participating in the mandatory deposit guarantee system can be found on the KDGF website: https://kdif.kz/ru/banks .

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?

The KDGF will pay a guaranteed refund for all the deposits held by one depositor in the 'new' bank, up to the maximum guarantee amount. This means that the total refund for all the deposits held by the depositor will not exceed KZT 20 million. This is because, in accordance with Kazakhstan's banking legislation, deposits held by the same customer in two banks usually merge after a bank merger, and the new bank services the accounts.

Is there any guarantee for deposit reward?

The deposit fee accrued on the date that the bank's licence was revoked is also covered by the KDGF guarantee, up to the maximum guarantee refund amount.

Use the special calculator on the KDGF website to pre-calculate the amount of the guarantee refund: https://kdif.kz/ru/calculator.

Contact details of KDGF JSC 

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

E-mail: info@kdif.kz