Deposit Guarantee System

Kazakhstan Deposit Guarantee Fund JSC was created in 1999 to administer the deposit guarantee system.

The Fund, using quarterly contributions from banks, forms a reserve for payment of guarantee compensation in the event of forced liquidation of the bank.

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 mandatory guarantee of deposits placed in second-tier banks of the Republic of Kazakhstan”.

Which banks participate in the deposit guarantee system?

Each bank that has received a license from the National Bank of the Republic of Kazakhstan to accept deposits, open and maintain accounts for individuals, with the exception of Islamic banks, automatically becomes a participant in the mandatory deposit guarantee system.

The current list of banks participating in the mandatory deposit guarantee system is always available on the websitewww.kdif.kz

Which deposits are guaranteed?

Money guaranteed:

1. individuals, including individual entrepreneurs, regardless of their citizenship;
2. in national and foreign currencies;
3. located on current accounts, payment cards, and all types of deposits.

What does the KFGD warranty NOT include?

1. metal accounts of individuals;
2. certificates of deposit;
3. money and valuables placed in safe deposit boxes;
4. deposits placed in Islamic banks.

What is a “guaranteed indemnity”?

This is the aggregate amount of money that the Fund will pay to a particular depositor in the event of a forced liquidation of the bank.

The depositor receives guarantee compensation in the amount of the balance of the deposit(s) without accrued interest, not exceeding the amount of the maximum state guarantee for each depositor for each bank separately.

What is the maximum guarantee amount for deposits in tenge and foreign currency?

The state guarantee for all deposits and bank accounts per depositor in each bank is:

• up to 20 million tenge inclusive - on savings deposits in national currency;
• up to 10 million tenge inclusive – for deposits in national currency;
• up to 5 million tenge inclusive - for deposits in foreign currency (in equivalent, at the exchange rate established on the date of entry into force of the court decision on the forced liquidation of the participating bank).

If the depositor has 2 or more deposits placed in one bank simultaneously both in tenge and in foreign currency, a guarantee compensation of up to 20 million tenge inclusive is paid.

Is the reward guaranteed?

The reward is also protected!

KFGD, within the maximum amount, guarantees remuneration accrued until the date of deprivation of the bank’s license.

This rule applies to bank bankruptcies after January 1, 2020.

Are deposits placed in different banks guaranteed separately?

Yes, if you place deposits in several banks that are participants in the mandatory deposit guarantee system, then your deposits are guaranteed separately in each of these banks up to the maximum amount of the state guarantee.

KFGD contacts

Websitewww.kdif.kz

Telegram chat @kdif_ask,

Call center1460(for free)