Bank deposits of Russians are insured by the state. To ensure that in the event of a bank bankruptcy (and the Central Bank revokes licenses from credit institutions quite often), depositors are not left with nothing, there is a deposit insurance system. This system works like this - all banks contribute a certain amount to a specially created agency, which, through these insurance premiums, compensates depositors of bankrupt banks for their savings. What amount of deposit is insured by the state in 2018 is the maximum deposit amount that the state will compensate within the insurance system.
What amount of deposits are insured by the state in 2018?
Until 2015, the maximum amount of the insured deposit was 700 thousand rubles. Three years ago this amount was immediately doubled. and nothing has changed since then. The maximum amount of a bank deposit that is insured by the state in 2018 is 1 million 400 thousand rubles.
Deposit insurance in Russia has a number of features that need to be remembered.
Firstly, deposits are insured only when the credit institution cooperates with the DIA, or Deposit Insurance Agency. This agency manages the insurance premiums paid by banks in the event of bankruptcy of themselves or their competitors (a common piggy bank).
Secondly, the law provides for a partly controversial point. Not only the deposit itself is insured, but also the interest that has accrued during the period the deposit was placed in the bank.
On the one hand, this is fair - the client of a bankrupt bank receives full compensation without losing on the capitalization of the deposit. The problem is that partly this legislative nuance encourages unscrupulous bankers.
What is the disadvantage of this norm? One of the obvious signs of a bank that is experiencing problems is the promise of a high interest rate on a deposit. Thus, the bank uses all means to attract new clients who would bring it money. Probably, the credit institution is in dire need of these funds, since it began to operate like a pyramid, paying off its debts through new contributions from customers.
Sooner or later (more likely sooner) such a pyramid will burst. What is typical is that financially literate depositors understand this, but they bring money to the bank because they know that the state will compensate both the deposit itself and the favorable interest on it.
Of course, the Central Bank immediately draws attention to banks that offer suspiciously high interest rates on deposits. However, a peculiar hole in the law remains.
Photo: pxhere.com How are bank deposits insured in 2018 if one person has several of them?
It all depends on whether two or more deposits are opened in one bank, or whether a person keeps his money in several credit institutions.
If a person has deposits in different banks, then everything is simple - each of them is individually insured for 1.4 million rubles. Therefore, an amount of several million can be deposited in various banks. Even if two or three banks fail, the money from each account will be returned as part of the insurance program.
But if a person has several deposits totaling more than 1.4 million rubles in the same bank, in fact it is the same as if it were one deposit for such a large amount.
In such cases, the person’s right to compensation, of course, remains, but the procedure for compensation will be completely different.
For amounts in excess of 1.4 million, a special application will need to be submitted, after which the person will be in a waiting line. You will have to wait a long time for compensation - the Deposit Insurance Agency is selling the property of a bankrupt bank to compensate for payments to priority creditors. Only after this, if there is anything left from the proceeds, additional compensation will begin to be paid.
It is clear that in practice in such a situation it will be possible to get something either very slowly, or never at all.
Photo: pxhere.com What to do if the bank goes bankrupt?
If your bank has been declared bankrupt, there is no need to panic. Within two weeks after the bankruptcy declaration, interim management will be appointed at the bank. Payments to clients will be made by an agent bank appointed by the DIA. You can find out what kind of bank this is and where to contact it on the website of the Deposit Insurance Agency and/or on the website of the bankrupt bank.
To receive a refund, you will need to show up and write a statement. To do this, most often it is enough to go to your bank branch with a passport and an agreement to open a deposit.
As for those who took out a loan from a bank that went bankrupt, if they have a deposit in the same bank, the loan amount is usually reduced by the amount of this deposit. Please also keep in mind that you should not make the obligatory payment until new details are announced. Money may disappear, then you will have to find it and return it. The best thing to do is wait for new details or check with the bank branch what you should do.
Compulsory deposit insurance system (CDI)– a special state program implemented in accordance with Federal Law dated December 23, 2003 No. 177-FZ “On insurance of deposits in banks of the Russian Federation.”
The main objectives of the CER are:
- protection of the rights and legitimate interests of depositors of banks of the Russian Federation;
- strengthening confidence in the banking system of the Russian Federation and stimulating the attraction of funds into the banking system of the Russian Federation.
The State Corporation “Deposit Insurance Agency” (hereinafter referred to as the Agency) was created to ensure the functioning of the DIS and, first of all, to ensure the payment of compensation for deposits in the participating banks of the DIS in the event of an insured event.
Operation of the compulsory deposit insurance system
Participation in the SSV is mandatory for all banks that have the right to work with deposits of individuals. Deposits are considered insured from the day the bank is included in the register of banks participating in the CER. The current list of banks participating in the CER is published on the Agency’s official website on the Internet information and telecommunications network
Currently, depositors of 746 (data as of May 31, 2019) banks participating in the deposit insurance system are protected by CERs, including:
- operating banks licensed to work with individuals - 385;
- existing credit institutions that previously accepted deposits but lost the right to attract funds from individuals -6;
- banks in the process of liquidation - 355.
The funds of depositors who have entered into a bank deposit agreement or a bank account agreement with the bank, including deposits certified by savings certificates, are subject to insurance.
In accordance with federal law, depositors include:
- individuals - citizens of the Russian Federation, foreign citizen, stateless person;
- individuals - individual entrepreneurs (IP);
- legal entities classified in accordance with legislation of the Russian Federation to small enterprises, information about which is contained in the unified register of small and medium-sized enterprises (SMEs) maintained by the Federal Tax Service of Russia.
The following funds are not insured:
- placed in bank accounts (deposits) of lawyers, notaries and other persons, if such bank accounts (deposits) are opened in connection with professional activities;
- placed in bank deposits, the deposit of which is certified by certificates of deposit;
- transferred to banks for trust management;
- placed on deposit in branches of banks of the Russian Federation located outside the territory of the Russian Federation;
- being electronic money;
- placed on nominal accounts, with the exception of separate nominal accounts that are opened by guardians or trustees for the benefit of wards;
- placed on collateral accounts;
- placed in subordinated deposits;
- placed by legal entities or in their favor, with the exception of funds placed by small enterprises or in their favor.
An insured event is one of the following events:
1) revocation (cancellation) by the Bank of Russia of the bank’s license to carry out banking operations; 2) introduction by the Bank of Russia in accordance with legislation The Russian Federation has a moratorium on satisfying the claims of bank creditors. An insured event is considered to have occurred from the date of revocation (cancellation) of the bank’s license from the Bank of Russia or from the date of the introduction of a moratorium on satisfying the claims of the bank’s creditors.
Informing depositors about the occurrence of an insured event by the Agency
Information about the occurrence of an insured event in relation to a bank is published on the official website of the Bank of Russia and on the official website of the Agency on the Internet, as well as in the media. The Agency, within 5 working days from the date of receipt from the bank in respect of which the insured event occurred, publishes the register of the bank’s obligations to depositors on the Agency’s official website on the Internet and sends it to this bank, as well as to the Bank of Russia for posting on its official website on the Internet information and telecommunications network and in the periodical printed publication at the location of this bank, a message containing information about the place, time, form and procedure for accepting applications from depositors for payment of compensation for deposits. In addition, within 1 month from the date of receipt from the bank of the register of the bank’s obligations to depositors, the Agency also sends a corresponding message to each depositor of this bank, whose data is contained in the register and to whom, as of the date of sending this message, the bank has obligations on deposits.
The investor can obtain all this information by calling the Agency’s hotline (8-800-200-08-05) (calls within Russia are free).
The depositor can also subscribe to news about the bank he is interested in on the Agency’s official website on the Internet. In this case, the depositor is automatically sent news posted on the Agency’s website in the “Deposit Insurance/Insured Events” section for this bank to the email address he specified when subscribing.
Amount of insurance compensation
The amount of compensation payable on deposits is determined based on the amount of the bank's obligations to the depositor insured in accordance with federal law.
Compensation for deposits is paid by the Agency to a bank depositor in the amount of 100 percent of the amount of all his deposits, including interest, but not more than 1.4 million rubles. In total.
For escrow accounts opened for settlements under a real estate purchase and sale transaction and for settlements under an agreement for participation in shared construction, the maximum amount of insurance compensation is 10 million rubles. Reimbursement for escrow accounts is calculated and paid separately from reimbursement for other deposits.
Interest is calculated on the date of the insured event based on the terms of each specific bank deposit (account) agreement.
For bank deposits denominated in foreign currency, the amount of compensation is calculated in the currency of the Russian Federation at the rate established by the Bank of Russia on the day the insured event occurred.
The amounts of the bank's counterclaims to the depositor (for example, for a loan taken by the depositor from the same bank) are deducted when calculating the compensation paid by the Agency from the amount of deposits. At the same time, subtracting the amount of counterclaims does not mean their automatic repayment (full or partial). The depositor's obligations to the bank remain the same and must be fulfilled properly in accordance with the terms of the agreements concluded with the bank.
If the depositor repays the debt to the bank in full or in part, the depositor has the right to receive insurance compensation in the appropriate amount. At the same time, he can send a free-form application to the bank to make appropriate changes to the register of the bank’s obligations to depositors.
You can obtain information about all available methods of loan repayment and pay a loan to a bank whose license to carry out banking operations has been revoked on the Agency’s payment portal: www.payasv.ru.
Payment of insurance compensation
Acceptance of applications from depositors for payment of compensation for deposits and payment of compensation for deposits begin, as a rule, 10–14 calendar days after the occurrence of the insured event. The Agency needs the specified time to receive information from the bank about deposits (register of obligations), verify it and organize payments.
You can apply for payment during the entire period of bank liquidation. On average, the bank liquidation procedure takes about 3 years.
Insurance compensation for depositors who did not have time to apply for payment of insurance compensation is carried out by the Agency upon applications in exceptional cases, for example, in case of serious illness, long-term business trip abroad, or military service.
In order to ensure the fastest possible payment of compensation for deposits, the acceptance from depositors of applications for payment of compensation for deposits (the application form is posted on the Agency’s official website on the Internet) and other necessary documents, as well as the payment of compensation itself, can be carried out by the Agency through agent banks, acting on his behalf and at his expense.
The selection of agent banks is carried out on a competitive basis. The announcement of the results of the selection of agent banks is posted on the Agency’s official website on the Internet no later than 7 days after the occurrence of the insured event.
Payment of compensation for deposits is made within 3 business days from the date the depositor submits to the agent bank an application for payment of compensation for deposits and an identification document. Payment of compensation can be made either in cash or by transferring funds to a bank account opened with the bank specified by the depositor. Payment of compensation for deposits of individual entrepreneurs is carried out only to an account opened for business activities. Payment of compensation for deposits of a small enterprise is made to the bank account of the small enterprise opened with the bank.
The start dates for payments and the name of the agent bank, including the addresses of its offices where insurance compensation can be received, are published on the Agency’s official website on the Internet and in the media.
If the court makes a decision to liquidate the bank, settlements with depositors in the amount exceeding the payment made by the Agency are carried out during the bankruptcy proceedings or forced liquidation carried out by decision of the arbitration court. Such claims of depositors are satisfied as part of the claims of first-priority creditors.
Financial Basics of CERs
To make insurance payments, federal law provides for the formation of a compulsory deposit insurance fund (hereinafter referred to as the Fund). The Fund is formed from insurance premiums of banks - participants of the CER, income from investing temporarily free funds of the Fund, and the property contribution of the Russian Federation.
Insurance premiums are paid by banks participating in the CER on a quarterly basis. The rate of insurance premiums is established by the Agency's Board of Directors. Since the third quarter of 2015, a mechanism for paying contributions at differentiated rates has been introduced. The application of increased rates depends on the maximum interest rates of banks on the deposits they attract and the Bank of Russia’s assessment of their financial situation, including the supervisory response measures introduced by the Bank of Russia.
The procedure and mechanisms for control over the investment of temporarily available funds of the Fund are established by the Government of the Russian Federation. The list of assets permitted for investment is strictly regulated. Data on income from investing the Fund's funds are published in the Agency's annual reports.
The Fund's funds spent on payments are fully or partially returned to the Fund upon satisfaction of the Agency's claims against liquidated banks transferred to it as a result of the payment of insurance compensation to their depositors.
The Fund's funds have a strict purpose and can only be spent on paying compensation for deposits. In order to control the intended expenditure, the Fund’s funds are accounted for in a specially opened Agency account with the Bank of Russia.
The financial stability of the CER is ensured by the Agency's property, and, if necessary, funds from the federal budget, as well as loans provided by the Bank of Russia.
Deposit Insurance Law
Glossary of basic terms
Deposit Insurance Agency (DIA)– a non-profit organization created by the state to provide work Deposit insurance systems (DIS) and protection of interests investors. The DIA operates on the basis of the Federal Law of December 23, 2003 No. 177-FZ “On insurance of deposits in banks of the Russian Federation” (Federal Law No. 177-FZ). The organizational and legal form of DIA is a state corporation. It is the DIA that organizes the payment of compensation to individuals and legal entities for deposits, insurance of which is carried out in accordance with Federal Law No. 177-FZ, from funds compulsory deposit insurance fund.
The bank is a participant of the SSV– a credit institution that has the right to attract funds from the public in deposits. The bank must pay insurance premiums V Mandatory Deposit Insurance Fund; inform depositors about their participation in the cash reserves, about the procedure and amount of receiving compensation for deposits; keep records of the bank's obligations to depositors.
Contribution– funds placed by investors in banks - participants of the CER on the territory of the Russian Federation on the basis of a bank deposit agreement or a bank account agreement. The concept of “deposit” includes capitalized (accrued) interest on the deposit amount. Deposits in both rubles and foreign currency are subject to insurance protection. The exclusion of certain types of monetary obligations from insurance is established by law. In particular, the following are not subject to insurance: funds placed in bank accounts (deposits) of lawyers, notaries and other persons opened for professional activities; deposits, the making of which is certified by a certificate of deposit; funds transferred to banks for trust management; deposits in branches of Russian banks located abroad; electronic money; funds placed on nominal accounts, with the exception of nominal accounts that are opened for guardians or trustees and the beneficiaries of which are wards, collateral accounts and escrow accounts, unless otherwise established Federal Law No. 177-FZ; funds placed in subordinated deposits; funds placed by legal entities or in their favor, with the exception of funds placed by small enterprises or in their favor. In addition, deposits that are not denominated in monetary units (for example, in grams of precious metals) are not subject to insurance.
Investor– a citizen of the Russian Federation, a foreign citizen, a stateless person, including those engaged in entrepreneurial activities, or a legal entity classified in accordance with the legislation of the Russian Federation as a small enterprise, information about which is contained in the unified register of small and medium-sized businesses, maintained by in accordance with the Federal Law of July 24, 2007 No. 209 - Federal Law “On the Development of Small and Medium-Sized Enterprises in the Russian Federation”, having concluded a banking agreement with the bank contribution or bank account agreement. The investor is entitled by law to receive insurance compensation in the bank in respect of which the insurance case. In order to exercise this right, to an individual depositor It is enough to submit a corresponding application and a document proving his identity. Counterclaims– monetary obligations investor to the bank (balance of debt on a loan, overdraft, etc.). Counterclaims reduce the amount of obligations upon settlement insurance compensation. Payment of insurance compensation does not automatically terminate (offset) counterclaims.
Register of banks – participants of the CER– list of banks, deposits in which they are insured in accordance with Federal Law No. 177-FZ. The register is maintained by the DIA. It is available for review on the official website of the DIA on the Internet. If the bank has a insurance case, then it is subject to exclusion from the register after the DIA completes bankruptcy (liquidation) procedures of the bank.
Register of bank liabilities– a list of the bank’s obligations to depositors and counterclaims bank to to investors, on the basis of which payment is made insurance compensation. Contains information: about investors; O contributions and about counterclaims bank to to the investor.
Deposit Insurance System (DIS)– a special state program implemented in accordance with the Federal Law “On Insurance of Deposits in Banks of the Russian Federation”. Its main task is to protect the population’s savings placed in Russian banks. SSV allows to investors upon the occurrence of an insured event, receive compensation for deposits within the maximum amount of insurance compensation established by law. The deposit insurance mechanism is as simple as possible and does not require any preliminary actions from the depositor: deposits and accounts of individuals and legal entities in the participating bank of the CER, subject to insurance in accordance with Federal Law No. 177-FZ, are insured “automatically” from the moment the funds are placed in the bank on the basis of a bank deposit/account agreement.
Insurance compensation (reimbursement for deposit/deposits)– amount of money to be paid to the investor upon arrival insured event. It is established based on the amount of the bank’s obligations to investor minus counterclaims jar.
Compensation for deposits is paid in the amount of 100% of the amount of all deposits in the bank, but not more than the maximum amount of insurance compensation established by law. The deposit amount includes both the amount of funds contributed by the depositor and capitalized (accrued) interest on the deposit. Insurance compensation is paid in rubles within three working days after the depositor (his representative, heir, legal successor) submits an application for payment and the necessary documents (identity document, power of attorney, document on the right of inheritance), but not earlier than 14 working days days from the date of occurrence of the insured event, unless an earlier period is determined by a decision of the DIA Board. Deposits in foreign currency are converted into rubles at the Bank of Russia exchange rate on the date of insured event.
Maximum amount of insurance compensation– a legal limit on the total amount of compensation for deposits paid to one depositor in one bank. Starting from December 30, 2014, the maximum amount of insurance compensation is 1.4 million rubles. In previous periods of operation, the CIC was set equal to 100,000, 190,000, 400,000, 700,000 rubles, depending on the date of occurrence of the insured event. For certain types of accounts ( escrow accounts opened for settlements under a real estate purchase and sale transaction, and escrow accounts opened for settlements under an agreement for participation in shared construction) the maximum amount of insurance compensation is 10 million rubles.
Insurance case– revocation (cancellation) from bank - participant of the CER licenses of the Bank of Russia to carry out banking operations or the introduction by the Bank of Russia of a moratorium on satisfying the claims of the bank’s creditors.
Bank insurance premiums– quarterly contributions from participating banks to the compulsory deposit insurance fund. From July 1, 2015, differentiated insurance premium rates were introduced: basic, additional and increased additional.
Mandatory Deposit Insurance Fund – financial basis of the CER. The fund consists of the property contribution of the Russian Federation, insurance premiums of banks participating in the DIC, income from the placement of fund funds in government and corporate securities, cash and property received from satisfying the rights of claim of the DIA, acquired as a result of paying them compensation for deposits. The Fund's funds are used for payments insurance compensation for deposits and other purposes established by federal laws.
Deposits in Russian banks are insured by the state. The legal framework for the protection of depositors is the Federal Law “On Insurance of Deposits of Individuals in Banks of the Russian Federation”. Payment of insurance compensation is organized through the Deposit Insurance Agency (DIA).
Under deposit insurance implies the payment of insurance compensation (compensation) to depositors of insolvent banks.
In order for depositors to count on government compensation, the bank must be a participant in the deposit insurance system (DIS) and pay contributions to the Mandatory Deposit Insurance Fund. At the beginning of May 2015, according to the DIA, the number of banks participating in the DIC was 832, and the number of insured events that occurred in the banking system was 332.
In what cases can you receive compensation?
The right to receive compensation occurs:
1. When a bank’s license to conduct banking operations is revoked.
2. When the Central Bank of the Russian Federation introduces a moratorium on satisfying the claims of creditors for a given financial institution.
What deposits are subject to insurance?
The deposits of Nevsky Bank clients are reliably protected not only by the reputation of a stable bank, but also by the state.
Bank deposits of citizens in Russia are insured by the state. So that in the event of a bank bankruptcy (the Central Bank often revokes licenses from banks), depositors are not left with nothing, there is a deposit insurance system. It works as follows: all banking organizations contribute a certain amount to a specialized agency, which, through these insurance premiums, compensates depositors of bankrupt credit organizations for their savings. What amount of bank deposit is insured by the state in 2018: the maximum amount of deposit compensated by the state within the insurance system.
Photo: pixabay.com
What amount of deposits are insured by the state in 2018?
Until 2015, the maximum amount of an insured deposit was 700,000 rubles. 3 years ago it was doubled. Since then everything has remained the same. The maximum size of a bank deposit insured by the state in 2018 is 1.4 million rubles.
Deposit insurance in Russia has some important nuances that should not be forgotten.
First of all, deposits are insured only when the bank interacts with the DIA - Deposit Insurance Agency. It manages the insurance premiums paid by banks in the event of bankruptcy - its own or competitors.
The legislation also provides for a certain controversial issue. Both the deposit as such and the interest accrued during the time the deposit was placed in the bank are insured.
In principle, this is fair - the client of a bankrupt bank receives a 100% refund, without at the same time losing on the capitalization of the deposit. The problem is that, to a certain extent, this legislation encourages unscrupulous banks.
What is the disadvantage of this norm? One of the clear signs of a bank having problems is the promise of increased interest on deposits. This is how the bank attracts new clients who bring it money. It is possible that the bank is in dire need of this money, since it has begun to operate as a kind of pyramid, paying off its own debts through new contributions.
Sooner or later (certainly sooner) such a pyramid will burst. What is important is that financially literate depositors are well aware of this, and nevertheless, they bring money to the bank, because they know that the state will compensate both the deposit and the favorable interest on it.
It is clear that the Central Bank immediately looks at banks offering suspiciously high interest rates on deposits. But there is some gap in the legislation.
Photo: pixabay.com
How are bank deposits insured in 2018 if one person has several of them?
Everything will depend on whether you have 2 or more deposits open in one bank, or whether you keep your own funds in a number of banks.
If a person has deposits in several banks, then it’s simple here - each of them is individually insured for 1.4 million rubles. For this reason, you can deposit several millions in several banks. Even if 2 or 3 banks go bankrupt, funds from each account will be returned as part of the insurance program.
But if a person has several deposits totaling more than 1.4 million rubles in one bank, in fact it is the same as if it were 1 deposit for such a significant amount.
In these situations, the right to compensation will remain, but the manner of compensation will be different.
For amounts over 1.4 million, a separate application will need to be submitted, and after that the person will be in line. It will take a long time to wait for compensation - the Deposit Insurance Agency is selling the property of a bankrupt bank to compensate for payments to priority creditors. Only after this, if anything remains from the proceeds, will additional compensation be paid.
Naturally, in practice in such a case it will be possible to get something either not soon or never.
Photo: pixabay.com
What to do if the bank goes bankrupt
If your bank has been declared bankrupt, there is no need to panic. Within 2 weeks after the bankruptcy declaration, temporary management will be installed in the bank. Payments to clients will be made by the agent bank; it will be determined by the DIA. You can see which bank it is and where you will need to go on the portal of the Deposit Insurance Agency or on the portal of the bankrupt bank.
To receive a refund, you will need to appear and submit an application. For this purpose, as a rule, it is enough to come to a bank branch with a passport and an agreement to open a deposit.
If he talks about those who took out a loan from a bank that went bankrupt, then if there is a deposit in this bank, as a rule, the size of the loan is reduced by the size of this deposit. Also keep in mind that you should not make a mandatory payment without providing updated details. Funds may disappear, and then they will have to be found and returned. It is better to wait until the updated details appear or ask the bank what needs to be done.
The bank deposit insurance program was developed by the government to protect depositors from the loss of their savings and is implemented in accordance with the Federal Law “On Insurance of Individual Deposits in Banks of the Russian Federation.” In this case, the investor does not need to enter into an additional insurance contract; payments are guaranteed by law.
The amount of insurance payments in 2017 remained unchanged. The return on investment will be 100% of the funds in the account, for the amount no more than 1.4 million rubles, including accrued interest.
A different procedure applies to accounts opened for real estate purchase and sale transactions. In this case, the compensation limit is 10 million rubles.
Nuances when calculating the amount of compensation
If there are several deposits in one bank, payment is made in proportion to their sizes. In total, the amount of compensation will also not exceed 1.4 million rubles. This applies to any deposits, including those related to business activities.
A simple example: 1 million and 1.8 million rubles are stored in two bank accounts. In the event of bank bankruptcy, the depositor will receive compensation in the amount of 500 thousand for the first deposit and 900 thousand rubles for the second. Total: 500,000+900,000=1,400,000 rubles.
In cases where both spouses keep funds in the same bank, but in separate accounts, and one client has made deposits in his name in different banks, it is possible to return the funds in each of them within the maximum established amount.
Let's imagine that spouses have salary cards in the same bank. The accumulated amount in the wife’s account is 400 thousand rubles, and the husband’s is 1.2 million. The amount of payment on deposits in general for the family will be 400,000 + 1,200,000 = 1,600,000 rubles. Another option, if the depositor has 600 thousand rubles in an account with one bank, and 1.5 million in another, then the total amount of compensation will be 600,000 + 1,500,000 = 2,100,000 rubles.
There are cases when, in addition to the amount in the account, the depositor also has an outstanding loan to the bank. The amount of compensation for the deposit will be calculated based on the difference between the loan debt and the size of the bank's liabilities.
For example, the deposit is 600,000 rubles, and the loan debt to the bank is 800,000 rubles, then the insurance compensation will not be paid until the debt to the bank is repaid or the debt is assigned to third parties. If the deposit is 1,600,000 rubles, and the loan is 900,000 rubles, the insurance payment on the deposit will be 1,600,000-900,000=700,000.
When the deposit amount exceeds the established limit, the depositor has the right to claim the remaining funds. You can receive compensation only if, after paying off debts to first-order creditors, the bank has enough funds left to pay off the remaining debt.
For foreign currency accounts, payments are calculated at the current Central Bank exchange rate at the time of the insured event.
What is considered an insured event?
You can return your savings if:
- The bank where the deposit was placed has had its license to carry out financial activities revoked;
- The regulator has introduced a moratorium on satisfying the claims of creditors of a commercial structure.
When an insured event occurs, compensation is made by the state corporation “Deposit Insurance Agency” through agent banks. As of March 14, 2017, the number of participating banks in which deposits are protected is 804, and DIA agent banks through which insurance compensation is paid is 66.
What deposits and accounts are protected
All funds of individuals placed in the accounts of participating banks, except:
- Bearer deposits;
- Accounts for the professional activities of lawyers and notaries;
- Funds held in trust;
- Nominal accounts, except those opened by guardians or trustees in favor of wards;
- Collateral accounts;
- Deposits opened in foreign representative offices of Russian banks;
- Electronic money.
Legal entities are also not covered by the law, but they can independently insure their accounts by contacting an insurance company specializing in this type of activity.
Payment procedure and terms
To receive compensation for a deposit, you must contact the agent bank appointed by the Agency to carry out settlements. As a rule, no more than 2 weeks pass from the occurrence of an insured event to the start of payments.
The procedure is as simple as possible:
- You must provide identification documents;
- Write an application for payment of the insurance amount.
The transfer is made in a form convenient for the investor:
- In cash;
- To a bank account;
- By postal transfer to the depositor’s place of residence.
When making payments to individual entrepreneurs, money is transferred only to a bank account.
You can exercise your right and receive insurance before the end of the bank’s liquidation; as a rule, it lasts for at least 2 years. In the case of a moratorium on satisfying creditors’ claims, the depositor has the right to apply to the bank for compensation during the period of the moratorium.
