Frequently Asked Questions (FAQ)
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Frequently Asked Questions
Deposit Protection System
Which deposits are not covered by protection?
The following deposits are not covered by the deposit protection system:
deposits belonging to employees of banks, microfinance organizations, and housing savings credit companies;
deposits of foreign consultants and external auditors;
deposits placed on behalf of a legal entity under a trust management agreement;
deposits that are seized or subject to other legal restrictions;
deposits placed in branches located outside the territory of the Kyrgyz Republic.
Which deposits are covered by protection?
Deposits of individuals and individual entrepreneurs are protected in accordance with the law, provided that they are placed in a bank or financial institution participating in the deposit protection system.
Guarantee and Compensation
What is the guaranteed amount?
In the event of an insured case, each depositor is entitled to compensation of up to 1,000,000 soms, including the principal amount of the deposit and accrued interest.
What is an insured event?
An insured event occurs when a bank or another participating financial institution has its license revoked or when the official liquidation (bankruptcy) procedure is initiated.
Are deposit interest payments covered?
Yes. Interest accrued up to the date of the insured event but not yet paid to the depositor is included in the compensation amount. The total compensation amount must not exceed 1,000,000 soms.
Compensation Payment Process
When does the compensation payment begin?
The compensation payment must begin no later than 30 calendar days from the date of the insured event.
Who announces the start of compensation payments and how?
Information on the commencement of compensation payments is published by the Agency through national mass media, on the official website www.deposit.kg, as well as via agent banks.
Documents and Application Procedure
How are deposits in foreign currency paid?
To receive compensation, the depositor must submit the following documents to the agent bank:
an application in the prescribed form;
a valid passport;
a deposit agreement or an account statement;
a power of attorney (if applicable).
How are deposits in foreign currency paid?
The amount of deposits in foreign currency is paid in soms at the official exchange rate set by the National Bank of the Kyrgyz Republic as of the date of the insured event.