Please be notified of the new procedure for the payment of guarantee indemnity

The Bank hereby informs its individual customers, with whom it has concluded a bank account and (or) bank deposit agreement (hereinafter referred to as the depositors), on the introduction of a new procedure for payment of guarantee indemnity in case of revocation of the license for all banking transactions from the bank-member of the deposit insurance system.

The new procedure for payment of guarantee indemnity applies to depositors:

(1) with whom the Bank has concluded bank account and (or) bank deposit agreements after April 30, 2021, as well as

(2) for whom the validity period of previously concluded bank account and (or) bank deposit agreements was prolonged from May 1, 2021, for a new period.

The new procedure for payment of guarantee indemnity stipulates two methods of receiving guarantee indemnity by depositors: (1) at the agent bank and (2) electronically through the electronic payment portal of the Kazakhstan Deposit Insurance Fund JSC (hereinafter – KDIF) or the "e-Government" web portal. Upon that, the period of payment of the guarantee indemnity is limited to one year from the date of the beginning of payment.

KDIF will inform depositors about the start date of the guarantee indemnity payment specifying the list of the agent banks, the period, and places of payment within thirty-five working days from the date of revocation of the bank license for all banking transactions.

If depositors do not apply for guarantee compensation after one year from the date of commencement of payment, KDIF will transfer unclaimed amounts to their accounts in the Unified Accumulative Pension Fund as voluntary pension contributions.

The new procedure for payment of guarantee indemnity will apply to payments of guarantee indemnity for the banks deprived of their licenses for all banking transactions after May 1, 2021, as well as the banks for the deposits of which the payment of guarantee indemnity is already underway, and in respect of which the deadline for payment of guarantee indemnity is set till May 1, 2022.

In particular, the depositors of “QazaqBanki” JSC are entitled to contact the branches of Subsidiary JSC VTB Bank (Kazakhstan) for guarantee indemnity by May 1, 2022.

The maximum amount of the guarantee indemnity payable is:

-         15 million KZT on savings deposits in the national currency;

-         10 million KZT on cards, accounts, and other deposits in the national currency;

-         5 million KZT on cards, accounts, and deposits in foreign currency (in the equivalent at the currency exchange rate fixed on the date of revocation of the bank's license).

For more information on deposit insurance issues, including the procedure for obtaining guarantee indemnity, depositors can contact the Bank's specialists or directly from KDIF via the Call Center telephone 1460.