Insured deposit
An insured deposit:
It is such
a part of deposit that will be compensated by the Fund in the amount defined by
Law "on deposit insurance" in case of insurance incident in the
participant bank where a depositor is serviced.
Insurance event:
Insurance
event is a fact of a member bank’s forced liquidation or bankruptcy or effect
of a court judgment prohibiting performance of deposit liabilities under the
law and the bank’s failure to perform its statutory or contractual obligations
to depositors approved by the Financial
Market Supervisory Authority.
Compensation paid to a depositor:
Starting
March 2, 2016 deposits accepted by the Fund’s member banks with the annual
interest rate 3 % in the foreign currency and 15 % in the national currency
will be fully insured for 3 ( three) years.
Interests
on deposits shall be paid in the amount accrued by the date of the insurance
event, provided that the compensation does not exceed the amount that mentioned
above.
In which
currencies shall compensation be paid in case of an insurance incident?
In case of
an insurance incident the compensation shall be paid:
- in manats
for the deposits in national currency;
-
compensation shall be paid as one deposit account in manats for deposits both
in national and foreign currencies
- in USD or
EUR according to the currency of the deposit for the deposits in USD and EUR
deposits;
-For
deposits denominated in other foreign currencies compensation shall be paid in
USD or EUR based on the official exchange rates defined by the National Bank.
In case of
an insurance incident in the participant bank the Financial Market Supervisory
Authority sends a notification to the Fund. On receipt of the notification the
Fund shall within 7 (seven) calendar days publish an announcement in a media on
the time and venue of compensation payments.
The Fund
shall make that announcement and publish the notification two more times at a
week's interval.
Rules for compensation
paid:
Depositors
shall apply to the Fund for compensation in writing. The name of the bank that
deposits have been located, amount of the deposit, currency of the deposit (in
manat or other currency), information about a depositor (first name, last name,
place of birth, date of birth, address, contact number and e-mail), general
volume of the deposit and form of getting compensation (via cash or transfer
and so on.) shall be indicated in the application.
The
following documents and their copies shall be attached to the application:
- Deposit
contract (bank amount);
- The
deposit book or other statutory documents certifying the deposit;
-
documentation confirming the depositor's ID
- If a
depositor's assignee applies for compensation, he must also furnish the Fund
with a notarized power of attorney.
The Fund
shall accept depositor applications during one year from the date the payment
of compensations was first announced. When documents are made available that
ascertain the existence of conditions that rendered the depositor incapable of
filing an application, the period of apply in order to get a compensation may
be extended provided that 5 years from the day of publish of notification is
not passed. The Fund shall pay compensation no later than in 90 calendar days
from the date the depositor's application was received. In exceptional cases,
the Fund may prolong the period of payment of compensation for up to 90
calendar days, if so decided by the Board of Custodians.
