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Deposit insurance

The main purpose of the state obligatory insurance program is protection of clients’ savings in deposits and accounts of banks on the territory of the Russian Federation. In case a bank’s license is revoked or other insured event occurs the guaranteed amount of deposited sums will be repaid to the owners.

To arrange deposit insurance the depositors are not required to sign any additional agreements as it is accomplished and guaranteed by the law. The dedicated state Agency for Deposit Insurance repays to the depositor the principal amount of the savings without of making the depositor wait in line of creditors.

Upon an insured event the refund of the bank deposit is paid to the depositor in the amount of 100% of the deposit amount, but not exceeding RUB 1,400,000.

If the depositor has several deposits with one bank and the total amount exceeds RUB 1,400,000, the refund is paid on each of the deposit proportionally to its amount.

If an insurance event occurred in several banks where the depositor has deposits, the amount of insurance compensation is calculated with respect to each bank separately (RUB 1,400,000 for each of the banks).

The amount of deposit refunds in foreign currency is repaid in the currency of the Russian Federation at the rate, determined by the Bank of Russia on the day of the insured event. For more details please see information on the system of deposit insurance at the website of the Agency for Deposit Insurance http://www.asv.org.ru/