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FAQ

1. What deposits are insured?

Funds denominated in rubles and foreign exchange a physical person has put on a deposit or in an account with a bank are insured, save for certain forms of deposits set out in the Federal Law. (See next question).

2. What funds kept with a bank are not insured?

The following funds are not insured;

1) Money deposited by physical persons engaged in entrepreneurial activity without setting up a legal entity (sole proprietors), provided such accounts are opened in connection with said activity;
2) Money on bearer accounts, including those authenticated by savings certificates and/or a bearer savings book;
3) Transferred to banks for trust management;
4) Deposited with Russian banks’ branches located outside the country.

3. Since what moment is a deposit considered insured?

A bank deposit is deemed insured from the moment the bank is put on the register of the banks –participants to deposit insurance system.

State corporation Agency for Deposit Insurance maintains the register and puts banks on it.
A depositor does not have to take any steps to get his/her deposit insured.

4. Is interest on a deposit insured?

Interest on a deposit becomes insured provided only that it is added to the principal amount in compliance with the terms of the contract.

5. When does an investor’s right to get insurance benefits for deposits arise?

An investor’s right to get an insurance claim for deposited money arises in two instances:

1) When the Bank’s license to conduct banking operations is revoked (withdrawn) by the Bank of Russia;
2) When the Bank of Russia imposes a moratorium on satisfying claims by the Bank’s creditors. These developments are called insurance events.

6. What is the sum insured in a single bank?

The total amount covered by insurance is 700,000 rubles. If a deposited amount exceeds 700,000 rubles, insurance benefit is paid out per each deposit on a pro rata basis.

7. What amount will an investor get if he/she has deposited money in a number of branches (offices) of one and the same bank?

Deposits in a number of branches (offices) constitute deposits with one and the same bank. Therefore, the total amount of benefit payable for all deposits will not exceed 700,000 rubles.

8. What claims will a husband and a wife get each if they have invested in one and the same bank?

In an insurance event each of the spouses will get claims separately for up to 700,000 rubles each.

9. I have got a bank card linked to my husband’s bank account. In what way will claims for the deposit be computed in such a case?

Your spouse has given you the right to dispose of the money on the account opened in his name. Therefore, benefits will be paid to the owner of the account, i. e. your husband.

10. In what way is an insurance claim computed if an individual has a number of accounts with the same bank?

For the purpose of insurance claim computation, all amounts deposited on various accounts are summed up. If the sum total exceeds 700 thousand rubles, benefits are paid out in proportion to the size of each deposit.

11. What amount of insurance claims will an investor get if he/she has a number of accounts with banks whose licenses have been revoked?

100% of the deposited amounts will be paid out per each bank but up to 700,000 thousand rubles in aggregate.

12. How is an insurance claim on deposits in foreign exchange computed?

If a deposit is in foreign exchange, an insurance benefit payable will be computed in rubles at the exchange rate established by the Bank of Russia on the date of occurrence of an insurance event.

13. What currency will an insurance claim be paid in?

Insurance claims will be paid in rubles.

14. What is the mode of insurance claims payment?

Insurance claims may be paid, at an investor’s choice, either in cash or by a money transfer to a bank account specified by the investor.

15. How is an insurance claim computed if the bank is an investor’s creditor (It has extended a loan or a credit to the investor)?

If the bank is an investor’s creditor (it has extended a loan or a credit, etc.) then the amount of claim for the deposits is computed as a difference between the bank’s total obligations to the investor and a sum total of the bank’s claim to the investor. Thus, if the investor has deposited 150, 000 rubles with the bank, but has taken out a loan of 100,000 rubles, then he/she will be entitled to a 50,000-ruble benefit on the deposit.

16. Who an investor should turn to in order to get a claim on the deposit?

7 days after the occurrence of an insurance event the Agency for Deposit Insurance will publish a special notice in the press and post it in the bank in question. The notice will contain names of organizations where an investor can submit an insured’s application. As a rule, these are banks operating nearby. If you cannot get to such a bank, you may mail your application by post according to the procedure set out in the notice. You may also get the benefit by postal transfer.

17. What is an agent bank?

In compliance with statutory provisions, the Agency for deposit Insurance may, for investors’ convenience, accept their applications and pay out claims for deposits through agent banks acting on its behalf.

18. When does a term for filing an insurance claim on deposits commence and when does it end?

An investor is entitled to file an insurance claim from the date of the occurrence of an insurance event till the day when bankruptcy proceedings against the bank are completed; if the Bank of Russia has imposed a moratorium on satisfying creditor claims, then a claim may be made till the day the moratorium is over. (See also next question).

19. What should an investor do if he/she has failed to file a claim within the established claim-making period?

Upon in investor’s application, the Agency’s Board may, by its resolution, reinstate the claim-making period; however, it may be reinstated only by virtue of certain circumstances set out in the Federal law (for example, a long illness or a business trip).

20. What documents is an investor required to submit to get an insurance claim on deposited money?

The procedure for getting an insurance claim is a most simple one. You have only to fill out a special application form and produce the document against which your bank account was opened.

If you act through an attorney, he/she is to have a notarized power of attorney to file, on your behalf, an insurance claim on the money you have deposited.

21. Could you describe the process of getting an insurance claim, please?

You need to take your claim application to the disbursement point specified in the notice by the Agency for Deposit Insurance. There, they will accept your application and advise you of your deposit amounts on the Bank’s accounting records, and they will also specify the amount of claim you will get.

The Agency for Deposit Insurance will pay a claim within 3 days after an investor submits requisite documents, but not earlier than 14 days from the day of the occurrence of an insurance event.

Should you disagree with the data in the Bank’s records, you are to submit additional documents to substantiate your position.

22. What steps should an investor take if he/she disagrees with the claim to be received on the deposit?

When an investor submits a claim application, he/she will get an extract from the Bank’s register where the amount of claim will be specified.

Should an investor disagree with the amount, he/she is required to submit to the Agency additional documents to substantiate the claim. Such documents will be forwarded to the bank which is obligated to communicate to the Agency the results of their review within 10 days of receipt of documents.

23. What responsibility will the Agency bear if it fails to pay claims within the established time limits?

If, within the established time limit, a claim agreed upon has not been paid due to the fault by the Agency, interest on the un-paid amount will be paid to the investor at the refinancing rate established by the Bank of Russia.

24. How can an investor get information on the place, time, mode and procedure for claims payment?

The Agency will publish information on the place, time, mode and procedure for acceptance on investors’ claim applications in the mass media outlets in the area where the bank is located. The Agency is obligated to dispatch such a notice for publication within seven days of the receipt from the bank of the register of its liabilities to its investors. Within a month of receipt of such register, the Agency will dispatch a letter to each investor.

25. What happens with the amount in excess of the claim an investor has received from the Agency?

An investor who has received the claim on its deposits, it entitled to get the balance amount in compliance with the effective legislation. For example, during bankruptcy proceedings if the bank is deemed bankrupt.