Questions and answers on the procedure for calculating the amount of the guarantee refund

Question №1: For what types of deposits is the guarantee increased?

Answer: The new changes affected only savings deposits in KZT. This is a special, new type of deposit, which has become available to the public since October 2018. Savings deposits are opened for a certain period and have special conditions: in case of early withdrawal of the deposit, the depositor shall notify the bank of his intention within 30 calendar days, while the remuneration is paid in the amount established for the demand deposit (no more than 0.1%). We note that a savings deposit is the most profitable among other types of deposits, the maximum income on it can reach 14.9% per annum.

Savings deposits with terms of 3, 6, 12 and more than 12 months are now available on the market. The depositor has the right to choose any convenient term of the contract.

Question №2: Does the new guarantee only apply to savings deposits in KZT opened after January 11, 2022 (date of entry into force of the law)?

Answer: The KDIF guarantee in the amount of 20 million KZT applies to all currently valid savings deposits in KZT opened with banks participating in the deposit insurance system, both before and after January 11, 2022.

Question №3: Have the maximum amounts of the guarantee compensation for other types of deposits changed?

Answer: The maximum guarantee amount depends on the type and currency of the deposit. For other types of deposits, the maximum amount of the guarantee compensation remained unchanged:

• 10 million KZT – on other deposits in the national currency, except for savings, including card and current accounts;

• 5 million KZT – on deposits in foreign currency.

Question №4: According to the new changes, the maximum amount of the total amount of guarantee compensation has also increased to 20 million KZT. In what cases can a depositor receive 20 million KZT?

Answer: The total amount of the guarantee compensation is paid for several types of deposits of the depositor opened in one bank, and is calculated taking into account the limits of the maximum amount of the guarantee compensation established for each type of deposit separately.

Example 1: If the depositor has two savings deposits in KZT in the bank for a total of 22 million KZT.

Answer: In this case, the total amount of the guarantee compensation will be 20 million KZT.

Example 2: If the depositor has three different types of deposit in the bank: a savings deposit in KZT in the amount of 5 million KZT, a non-term deposit in KZT in the amount of 10 million KZT and a deposit in foreign currency in the amount equivalent to 5 million KZT.

Answer: In this case, the amount of the total guarantee compensation will be 20 million KZT.

Example 3: If a depositor on a general (not savings) deposit in KZT has 15 million KZT and he opened a savings deposit in KZT in the same bank for a minimum amount – for example, 1,000 KZT – will the total amount of the guarantee increase to 20 million KZT?

Answer: No, in this case, the amount to be received will be 10,001,000 KZT. 5 million KZT on a general deposit are not subject to guarantees, since they exceed the limit – 10 million KZT, established by law on other deposits in the national currency, except for savings deposit.

Example 4: A depositor has three deposits in one bank: one is universal (non-term in KZT), which is often replenished and withdrawn as needed. This account has an average of 500 thousand KZT. The second is a savings deposit in KZT of 14 million KZT and in foreign currency – 13 thousand US dollars. If an insured event occurs, how will the total amount of the guarantee compensation be calculated?

Answer: The total amount of the guarantee compensation is calculated taking into account the limits of the maximum amount of the guarantee compensation established for each type of deposit separately:

• 20 million KZT – on savings deposits in the national currency;

• 10 million KZT – on other deposits in the national currency, except for savings deposits;

• 5 million KZT – on deposits in foreign currency.

Payment of the guarantee compensation on guaranteed deposits is made in the national currency of the Republic of Kazakhstan. To calculate the guarantee compensation for deposits in foreign currency, the market exchange rate is used, determined on the date of decertification of the bank-participant to conduct all banking operations.

In relation to this case, the depositor will receive a total amount of guarantee compensation in the amount of 19,500,000 KZT: 14 million KZT – on a savings deposit in KZT, 500 thousand KZT – on a non-term deposit in KZT, as well as on a foreign currency account – 5 million KZT (since 13 thousand US dollars at the exchange rate is more than 5 million KZT).

Example 5: If the depositor has two different non-savings deposits in the bank: a non-term deposit in KZT in the amount of 16 million KZT and a deposit in foreign currency in the amount equivalent to 6 million KZT.

Answer: In this case, the amount of the total guarantee compensation will be 15 million KZT: for a non-term deposit in KZT – 10 million KZT and for a deposit in foreign currency – 5 million KZT. Since the total amount of the guarantee compensation is calculated taking into account the limits of the maximum amount of the guarantee compensation established for each type of deposit separately:

Question №5: The depositor had a savings deposit in KZT for 20 million KZT. As of the date of decertification of bank, interest accrued. Will the depositor receive only 20 million KZT or interest as well?

Answer: From January 1, 2020, the deposit interest accrued as of the date of decertification of the bank is covered by the KDIF guarantee. It is not recommended to open a savings deposit in KZT for exactly 20 million KZT, because for the period for which it is opened, remuneration is accrued and in the event of an insured event, the amount of the deposit, taking into account accrued interest, will exceed 20 million KZT.

Question №6: Will the amount of the guarantee compensation be reviewed for those who have already received the payment? For example: the total amount of deposits of the depositor in one bank was 20 million KZT. Previously, the depositor received a total amount of compensation in the amount of 15 million KZT. Does the depositor have the right to recalculate the received compensation in connection with the increase in the guarantee?

Answer: The new amount of the guarantee on savings deposits, as well as the total amount of the guarantee indemnity, applies to new insured events, i.e. in the event of decertification of bank after January 11, 2022 (date of entry into force of the law).

Question №7: What is the current situation with the payment of guarantee compensation?

Answer: To this date, KDIF continues to make payments to depositors of 9 banks that have been decertificated to conduct all banking operations and are in the process of forced liquidation. There are: Valut-Tranzit Bank JSC, Kazinvestbank JSC, Delta Bank JSC, Astana Banki JSC, Qazaq Banki JSC, Eximbank Kazakhstan JSC, Tengri Bank JSC, AsiaCredit Bank JSC and Capital Bank Kazakhstan JSC. For all banks, depositors have already taken the bulk of the amount of the due guarantee compensation. For example, for Capital Bank Kazakhstan JSC, which was decertificated on June 26 last year, KDIF has already paid depositors 91% of the total amount of the guarantee compensation. For Astana Banki JSC, depositors who had the largest amounts of guarantee compensation (more than 37.5 billion KZT) have already been paid 99% of this amount. Detailed information on payments is available online on the KDIF website: https://kdif.kz/likvidiruemye-banki/table/

Question №8: What is the maximum amount of guarantee compensation for depositors of these 9 banks?

Answer: The maximum amounts of guarantee compensation for the indicated banks, which were in force in the law on the date of the insured event, remain unchanged:

• Valut-Tranzit Bank JSC – 5 million KZT for all types of deposits; 

• Kazinvestbank JSC and Delta Bank JSC – 5 million KZT on deposits in foreign currency and 10 million KZT on deposits in KZT (the total amount of compensation is 10 million KZT);

• Qazaq Banki JSC, Astana Banki JSC, Eximbank Kazakhstan JSC – 5 million KZT on deposits in foreign currency and 10 million KZT on deposits in KZT (the total amount of compensation is 15 million KZT). We note that these banks did not attract savings deposits in KZT, the maximum amount of guarantee compensation for which was 15 million KZT;
  

• Tengri Bank JSC, AsiaCredit Bank JSC and JSC Capital Bank Kazakhstan JSC – 5 million KZT on deposits in foreign currency, 10 million KZT on deposits in KZT and 15 million KZT on savings deposits in KZT (total the amount of compensation is 15 million KZT).