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Understanding deposit insurance

KDIF insures all deposits of individuals

Deposit Insurance System in Kazakhstan

  • For Member Banks

Deposit insurance system membership provisions

 

 

Entering the deposit insurance system

Herewith, the bank entering the mandatory deposit insurance system shall adopt the Contract of Adhesion immediately on the same day as the license for accepting deposits from general public (private individuals), opening and maintaining bank accounts of individuals is issued via submitting application under the form established by the regulatory legal acts of the Regulatory Authority.

If a bank entering the deposit insurance system does not submit the application to adopt the Contract of Adhesion, KDIF shall inform the Regulatory Authority within two working days. In its turn, the Regulatory Authority shall consider implying sanctions against the bank according to the effective provisions of regulations of the Republic of Kazakhstan.

In case of re-registration of the member bank’s legal entity name, KDIF shall replace the bank’s certificate of deposit insurance system member bank and make relevant adjustments to the Register of the Deposit Insurance System Member Banks within 10 working days. Herewith, the previously issued certificate of deposit insurance system member bank shall be terminated.

KDIF shall keep record of all certificates which are both issued and terminated and make the respective amendments into the Register of the Deposit Insurance System Member Banks.

Click to see the complete, up-to-date list of the deposit insurance system member banks

Exclusion of a member bank from the deposit insurance system

There are certain grounds for exclusion of a member bank from the mandatory deposit insurance system. These are:

  • Withdrawal of license issued by the Regulatory Authority for accepting deposits, opening and maintaining bank accounts of private individuals

  • Termination of bank’s operations (its re-organization or liquidation)

  • Voluntary surrender of banking license for accepting deposits, opening and maintaining bank accounts of individuals

A member bank is subject to exclusion from the deposit insurance system under the following circumstances:

 

  • In case of withdrawal of banking license for accepting deposits of private individuals, opening and maintaining bank accounts of individuals: from the date of enactment of the respective resolution of the Regulatory Authority

  • Forced re-organization or liquidation: from the date of enactment of the respective court resolution

  • Voluntary re-organization: from the date as indicated in voluntary re-organization permit issued by  the Regulatory Authority

  • Voluntary surrender of banking license for accepting deposits, opening and maintaining bank accounts of individuals: from the date of enactment of the respective resolution of the Regulatory Authority on termination of the banking license resulting from its voluntary surrender

In the event of exclusion of a member bank from the deposit insurance system due to withdrawal of the banking license for accepting deposits of private individuals, opening and maintaining bank accounts of private individuals by the Regulatory Authority, the bank being excluded from the deposit insurance system shall reimburse insured depositors via direct remittance or transfer to the other bank being member of the deposit insurance system in accordance with the laws and regulations of the Republic of Kazakhstan.

If a member bank is to be excluded from the deposit insurance system due to either forced liquidation or voluntary surrender its banking license for accepting deposits, opening and maintaining bank accounts of individuals, the bank being subject to exclusion shall reimburse all the insured depositors in compliance with laws and regulations of the Republic of Kazakhstan.

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