Dear Customers!
VTB Bank (Kazakhstan) informs you about the implementation of the KZT deposit protection program, which provides for the accrual of compensation (premium) on deposits of individuals at the expense of the state budget.
Deposits of individuals in KZT opened with the Bank as of the end of February 23, 2022, are allowed to participate in the Program.
The program does not apply to current and card accounts, as well as to demand deposits and escrow deposits.
Compensation (premium) in the amount of 10% will be accrued for 1 depositor in each bank once for the above-mentioned deposits in the total amount up to balance as of the end of February 23, 2022, but not more than KZT 20 million (not more than actual deposit amount if it does not exceed KZT 20 million) after 12 months from the beginning of the program. Compensation (premium) will not be subject to individual income tax.
A compulsory condition for accrual of premium is the preservation of deposit with the Bank till the end of its term but not less than 12 months after the introduction of the mechanism, i.e. till February 24, 2023. If the deposit expires within the period before the compensation (premium) is paid, the deposit must be prolonged until the end of the program. In case of partial withdrawal of deposit, payment of compensation (premium) shall be made for the amount of deposit balance after withdrawal of money, subject to the above-mentioned limits.
The procedure for accepting applications from citizens will be reported additionally on the bank’s website after the adoption of the appropriate acts of the Government and the National Bank of the Republic of Kazakhstan.
Sincerely,
VTB Bank (Kazakhstan).