Insurance of deposits of individuals. Deposit Insurance Law. Deposit insurance mechanism. Glossary of basic terms
The banking crisis makes investors worried about the safety of their money. Many people have a question about how the law on deposit insurance works, whether there is a high probability that the money will be returned if the bank experiences force majeure circumstances. Insurance of deposits of individuals is provided by the state, however, the bank where an individual has a deposit must be a participant in the system for guaranteeing the return of finances to individuals in legal relations. To quickly return your money, you need to know the nuances of the deposit insurance system.
What is deposit insurance
To avoid panic among the population associated with disruptions in the work of financial and credit organizations, the cessation of their activities, the state introduced insurance of deposits in banks, that is, guaranteed amounts of compensation that are paid to the depositor. World practice shows that state insurance of deposits of individuals is a reliable and effective mechanism that reduces the socio-economic consequences of the crisis in the banking sector.
The mechanism is needed to build the confidence of individuals in banks, encouraging them to invest in “long-term” deposits designed for more than one year. However, since the Central Bank of Russia (CBR) prefers not to close banking structures, but to carry out a health-improving set of measures to correct the crisis situation, in which individuals always have access to their finances, the insurance system is less relevant than 3-5 years ago.
How does the deposit insurance system for individuals work?
The agreement on attracting savings must state that the bank participates in a program to protect the savings of the population implemented by the state. This gives individuals confidence that in the event of force majeure circumstances, when the financial structure cannot fulfill its obligations to depositors, the latter are guaranteed to receive their money from the Agency that provides deposit insurance. The Agency’s operating mechanism is based on Russian legislation, which details the rights of depositors to receive compensation.
Regulatory framework
Compensation for insurance amounts is carried out in accordance with Federal Law No. 177 of December 23, 2003 “On the insurance of deposits of individuals in banks of the Russian Federation,” which determines the norms, rules, and amount of obligations for which insurance of deposits of individuals is carried out. According to this legal act, any physical entity of legal relations with the bank can submit a petition to the authorized body for reimbursement of funds that the bank is unable to pay for its obligations.
The state guarantees citizens a refund under the following conditions:
- The financial and credit organization is included in the register of banks participating in the program for compensation of funds on deposits. According to the law, when concluding an agreement to attract finance, any banking structure must inform an individual about its presence in the register.
- The contract for attracting financial resources is valid on conditions that fall within the definition of an insured event.
Deposit Insurance Agency
The State Corporation Deposit Insurance Agency is the regulator of the relationship between a financial organization and individuals. The agency operates based on 177-FZ, and the amount of funds that can be used to compensate individuals is more than 85 billion rubles. The Agency receives this property from bank transfers (any financial structure to obtain a license from the Central Bank must transfer a certain percentage to the compulsory deposit insurance fund), or from investments.
The agency is actively working on procedures related to the bankruptcy of banking institutions, carrying out rehabilitation measures for their rehabilitation, and providing support to voluntary investors. The Board of Directors of this state corporation includes representatives of the Central Bank and senior government officials, which provides the maximum guarantee of return of money according to the requirements of depositors.
Banks included in the state deposit insurance system
On the DIA website you can see that the following financial structures are in the register of participants:
- Sberbank of the Russian Federation;
- VTB 24;
- Alpha Group;
- Promsvyazbank;
- Raiffeisenbank;
- Bank Rosgosstrah;
- Renaissance Credit;
- Rosselkhozbank;
- Russian standard.
According to the DIA, the register includes more than 850 financial organizations. If a private depositor, when concluding a bank deposit agreement, is not presented with official data that the financial institution insures deposits of individuals, then he is faced with fraudsters. Any bank must necessarily participate in the program for compensating deposits to individuals.
Insurance of bank deposits - features of the procedure
According to 177-FZ, any funds deposited by an individual subject of legal relations to a bank, with the opening of a bank account, to acquire benefits in the form of interest payments, as well as interest that accrues during the use of this money by a financial institution, are considered insured. Such deposits include both ruble and foreign currency savings of individuals. The maximum amount of deposit insurance, according to the amendment dated December 19, 2014, is set at 1.4 million rubles. The following types of financial assets are considered insured and are subject to return:
- sent to various deposits, time and on demand, in rubles and foreign currency;
- placed on accounts providing for the payment of salaries, benefits, pensions to physical subjects of legal relations;
- intended for the needs of private entrepreneurs;
- placed on the accounts of guardians and trustees for the transfer of funds to their wards;
- available in escrow-type accounts, which are intended for transactions of individuals for the purchase and sale of real estate;
- located on debit physical plastic media issued by this financial institution.
What funds of individuals are not subject to compulsory insurance?
You should be aware that the legislation provides for exceptions under which certain types of amounts of money stored by objects of legal relationships in banks are not subject to compensation, and insurance of deposits of individuals does not apply to them. These include:
- Amounts in the accounts of citizens providing legal assistance to private individuals (lawyers, notaries), if this money is spent on work needs.
- Bank deposits issued to bearer.
- Finances that an individual transfers to a bank for investment under trust management.
- Money held in foreign branches of Russian banks.
- Funds for the transfer of which a debit account cannot be opened (electronic payments).
- Additional amounts of money in nominal metal impersonal accounts.
Insurance cases
According to the law, insurance of individual savings is carried out in the following cases:
- If the Central Bank revokes the license issued by it from the bank. The register participant is subject to the introduction of external management and no longer has the right to work with individuals and legal entities, manage finances, and fulfill its obligations to clients.
- When the Central Bank introduces a moratorium on creditor claims. This situation arises during bankruptcy proceedings of a credit institution for the purpose of debt restructuring. Monitors the implementation of the DIA moratorium; this state can last 12 months, after which a decision is made either to terminate it or to extend it for six months.
Revocation of CBR license
The main bank withdraws the license issued by it to carry out banking activities from the financial organization under the following circumstances:
- if the bank exceeds its authority and carries out risky operations to issue large non-performing loans;
- reduction of the authorized capital below the amount stated in the constituent documents;
- if the financial structure purposefully and constantly does not comply with the requirements of the Central Bank of the Russian Federation;
- if it is impossible to satisfy the claims of creditors and claims of clients regarding the bank’s obligations;
- when identifying fraudulent money laundering schemes or providing incorrect reporting data;
- failure to comply with court decisions;
- critical reduction in cash balances below 2%.
The day after the license is revoked, the Central Bank introduces external management to put the financial structure in order and its subsequent liquidation. Individuals may apply for reimbursement of funds deposited with a given banking organization 2 weeks after recording the occurrence of this insured event, provided that their funds were insured.
Introduction of a moratorium by the Central Bank on satisfying the claims of bank creditors
This measure is temporary in relation to a financial institution and is established to streamline its functioning. The moratorium gives individuals the right to receive not only the invested amount, but also interest on it upon the occurrence of an insured event. Interest compensation occurs separately; they are calculated based on 2/3 of the key rate of the Central Bank of the Russian Federation.
You need to contact the agency involved in payments 2 weeks after the moratorium begins, but no later than 2 weeks before it ends. If the investor has not applied to the DIA for good reasons within the specified time frame, then the money can be issued to him on an individual basis upon presentation of the necessary documents. When the moratorium ends, there are two options:
- the bank's license is revoked and it ceases to exist;
- The sanitary measures taken have a positive effect on the financial condition of the organization, and it continues to operate as before.
Insurance compensation for deposits
According to the law on deposit insurance for an individual participant in legal relations, when applying to the DIA, 100% of the insurance is paid on the deposit. If a private individual had several deposits in a given organization, then the amount of contributions is recalculated in proportion to each deposit. However, you should know that the insurance law provides for a maximum amount of compensation of 1.4 million rubles, and if the amount for all deposits collectively exceeds this figure, then compensation for the difference in contributions is determined in court according to the list of 1st priority creditors.
Compensation for escrow accounts is made in 100% volume, if it does not exceed the amount of 10 million rubles. Payments for this insured event are made by the Agency in a separate manner, after reviewing all documents for opening this account. Money can be received directly at the DIA branch, through agent banks appointed by the fund, or by mail.
Payment amount
The legislation establishing the rules for insurance of individuals separately stipulates the situation in which the owner of the deposit simultaneously had a deposit in a banking organization and took out a loan there, which, by the time the insured event occurred, was not fully repaid. The amount of compensation will be calculated as the difference between the debit and credit account, taking into account all amounts of obligations of the debtor and creditor. Insurance premiums are paid on an individual basis.
Reimbursement currency
Compensation for deposits is made in rubles, therefore, for all deposits in foreign currency, recalculation is carried out according to the Central Bank exchange rate for a given currency at the time of the insured event. If the deposit is placed in foreign currency, then interest on foreign currency deposits is calculated based on data from the Central Bank on average interest rates for this type of bank deposit product.
If a moratorium has been introduced, and you do not want to receive compensation in rubles for a foreign currency deposit, then you can be patient and wait for the end of the sanitary measures. The financial institution will begin operating as before and will satisfy claims on deposits in proportion to deposit agreements. However, in such a situation, there is a possibility that the depositor will not receive the amount paid at all if the bank ceases to exist after the end of the moratorium.
How to receive insurance payments on deposits
In order not to suffer as a result of the bankruptcy of a banking institution and to return funds, the following steps should be taken:
- Check the list of insured funds established by law and find out whether your savings are included in them.
- On the DIA website, make sure that this bank is a participant in the DIA;
- From the media, bank notifications, messages to depositors, find out which agent bank was appointed by the DIA to make payments.
- Choose the most convenient way to receive compensation payment - cash, non-cash transfer, postal transfer.
- Write an application for insurance payment to the agent bank and come there in person with the required documents.
- Within 3 working days, receive the required amount using the specified method.
- If the amount of the deposit exceeds the maximum rate of insurance payment, then to compensate for the difference that insurance does not cover, go to court along with other creditors of the bank.
Documents for submission to the DIA
Compensation is paid by the DIA upon presentation of the following documents:
- Applications from the investor in the prescribed form. If you choose to receive money by mail, the application will have to be certified by a notary.
- Passport or other identification document, about which there is data in the general register of clients of the banking organization.
- When applying not to the depositor himself, but to his representative, a power of attorney certified by a notary is required for the right to demand payments.
- If the individual who entered into the agreement on its opening, and the investor’s heir, applies for payment of compensation, then it is required to submit documents evidencing his right to inheritance.
Video
A deposit is the most convenient way to save. Making a deposit today is a fairly simple process because you can make a deposit without leaving your home. However, in crisis conditions, when many banks are deprived of their license, the question arises: can you trust your money to financial institutions? The state took care of this by offering deposit insurance in 2019.
The main point
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The deposit insurance system is subject to Federal Law No. 177-FZ “On insurance of deposits of individuals in banks of the Russian Federation”. The main goal of this system is to protect citizens’ funds placed in Russian bank accounts.
In general, protecting citizens’ funds is a priority task of any state. The insurance system operates in the USA, Japan, Ukraine and some other countries that are members of the European Community.
The deposit protection system works according to the following principle. If a financial institution ceases to exist or becomes a bank, its license is revoked and funds from the accounts are paid to depositors. This procedure does not require prior agreement, since it is carried out by force of law.
The Deposit Insurance Association of the Russian Federation takes on all the bank's debts, paying depositors money. Next, the agency independently sorts out the relationship with the credit institution for debt repayment.
Deposit insurance is carried out within the amount 1400000 rubles. Moreover, if the depositor keeps funds in the bank in different accounts, he still will not be able to receive funds exceeding the specified amount. But if accounts are opened in different banks, then each account guarantees a refund of the amount up to 1,400,000 rubles.
Basic provisions
Mechanism
The process of deposit insurance is simple and has its own characteristics. First of all, money is deposited and an agreement is concluded with the bank.
The deposit automatically falls under the insurance system if the bank has the appropriate license. In this case, a specialized insurance contract is not required.
For participation in the insurance system, the financial institution pays the DIA monthly 1% from the amount of the deposit portfolio. In other words, the bank pays for deposit insurance, not the client.
Thus, investors are protected by law. Customers using debit cards are also protected.
What is not taken into account
All client funds, including those on debit cards, are covered by insurance.
The exceptions are:
- funds from the accounts of individual entrepreneurs, notaries and lawyers;
- funds in trust management;
- deposits in precious metals;
- electronic money;
- bearer deposits.
What is covered?
Funds located in client debit accounts are protected by the deposit insurance system. These are deposits and plastic cards. And if almost every depositor knows about the deposit insurance system, only a few know that the funds in plastic card accounts are insured.
Return of deposits is carried out if the bank’s license is revoked or if a moratorium on activities is imposed by the Central Bank of the Russian Federation. In these cases, the bank has the legal right to pay the funds, no earlier than through 10 days.
The maximum payment period is 14 days. Funds are transferred to depositors through another bank or via Russian Post.
Lists of participating banks
Deposit insurance is provided by the DIA. The organization maintains a register of program participants and an insurance fund, which is created by participating banks through monthly insurance contributions. To date, the list includes 840 participants. Full information can be found on the DIA website.
Below we present a list of participating banks of the Russian Federation, which are the most reliable in Russia, since they have been included in the register of insured for a very long time:
- Stella Bank;
- Vega Bank;
- Post Bank;
- Rus;
- Gazbank;
- Zarechye;
- Arksbank;
- Rinvestbank;
- Eurocitybank.
When making a deposit, be sure to look at the current information on, since the list is very flexible and the number of banks decreases every year.
It is also worth checking the information at the bank office: upon request, the specialist must provide a license for a participant in the deposit insurance system
Controversial issues of deposit insurance
Refund
Despite the fact that the insurance system operates more 12 years, when paying insurance compensation, controversial issues arise. Any investor should know their rights.
According to modern legislation, the DIA pays 100% from the deposit amount, not exceeding 1,400,000 rubles.
If the deposit was opened in another currency, then the funds are converted at the rate on the day of the insured event. It is worth noting that the cost of compensation is gradually increasing and until 2019 it was 700 thousand.
Thus, the state offers fairly large compensation for the occurrence of an insured event.
It is worth noting that if the investor also has a loan, then the payment will be made minus the debt. This procedure occurs automatically and the client will receive only the difference in his hands.
The situation with legal entities
Deposits in banks can be placed by both individuals and legal entities. However, state compulsory deposit insurance is not expected in this case.
Today, legal entities can carry out the procedure for insuring their deposit on a voluntary basis, that is, by paying insurance premiums on their own.
The insurer in this case is not the DIA, but any insurance company. Today, the procedure for insuring deposits of legal entities is in its infancy and has many nuances and shortcomings. Therefore, in the case of protecting such a deposit, you should approach the choice of an insurance company very carefully.
How to act
To receive a deposit after the bank’s license has been revoked, you must contact the bank itself. After the occurrence of an insured event, DIA within 1 week publishes in the “Bulletin of the Bank of Russia” a register of obligations to depositors.
Such a register also appears on the Agency’s website. During 1 month The DIA sends a notification to each depositor about payments.
After receiving the notification, the depositor is required to provide the DIA with an application and passport. After this, the DIA provides a register indicating the amount of insurance compensation and within 3 days transfers funds to the investor. But only after two weeks had passed since the bank’s license was revoked.
After receiving funds, depositors sign a certificate, a copy of which is sent to the bank.
Possible problems
When receiving insurance compensation, a number of problems may arise, the solution of which requires certain knowledge from the investor:
| The amount paid is less than stated | If the amount of accrued remuneration does not suit the client, he has the right to contact the DIA with additional documents stating that the amount does not correspond to the real one. In this case, the claim is sent to the bank, and after that changes are made to the Agency’s register. |
| Violation of application deadlines | An application for receiving money must be submitted within the deadlines established by law and no later than the end of the liquidation of the bank. If the client did not manage to do this on time, then he can count on payment of funds only if the reason for not submitting the application is valid (serious illness, business trips, etc.). |
| Availability of a loan from this bank | The depositor will receive only the funds remaining after the loan amount along with interest is deducted from the deposit. |
| The deposit amount is greater than the insurance compensation | If it turns out that the amount in the account is more than the insurance amount, then the depositor can count on them after bankruptcy proceedings (when the bank’s property is sold). In this case, it often turns out that the property is not valuable enough and there are not enough funds to pay all the debts. Therefore, depositors' demands will be satisfied on a first-come, first-served basis. |
Thus, if problems arise, you must immediately contact the DIA. Specialists try to help any investor as much as possible by returning the invested funds.
FAQ
Despite the fact that the insurance system has been in effect since 2004, investors have many questions about protecting their savings.
Let's present the most popular of them:
| Is accrued interest on the deposit insured? | The deposit consists of two sub-accounts. One of them takes into account interest, and the other - the amount of the principal deposit. If the deposit involves capitalization, that is, adding accrued interest to the amount of the main deposit, then the interest will be insured. If the interest is in a separate account, then only the amount of the main deposit is subject to reimbursement. |
| How much insurance compensation can be received from one bank? |
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| If deposits are placed by a husband and wife in the same bank, then what kind of compensation is due? | Since the investors are different people, each individual will receive 100% deposit amount not exceeding 1400000 rubles. |
| If a depositor has several accounts in one bank, can he count on receiving 100% of the amount for each as part of a possible insurance compensation? | The amount of compensation does not depend on the number of accounts in one bank. If the total cost of desochites is higher than 1400000 rubles, the investor has no right to count on an amount greater than this. In order to fully insure your savings, it is better to place money in different banks. |
| The bank had financial difficulties and I decided to withdraw my deposit. Employees refuse payments in full and are advised to write an application for payment of the contribution in installments. Should I agree? |
|
Historically, in Russia, a bank deposit is the most popular way to save money. With the development of banking technologies, the process of managing personal finances has become more convenient and simpler - our salaries and pensions are credited to bank accounts, and Internet banking allows us to place these funds on deposits with better conditions without leaving home. Of course, the leading factor supporting such a high degree of confidence of our citizens in this method of savings is the state deposit insurance system. Many of us have heard about this system, but only a few people learn about its structure and, as a rule, as a result of an insured event. In this article we will try to fill this knowledge gap and tell you how the Russian deposit insurance system works.
Deposit Insurance System and Deposit Insurance Agency
The deposit insurance system (DIS) is an effective protection mechanism that provides for insurance of deposits of individuals by the state. When an insured event occurs, compensation is paid to depositors by the Deposit Insurance Agency (DIA). Its creation was caused by a wave of bankruptcies of financial institutions that swept across Russia in the late 90s. Thus, on December 23, 2003, Federal Law No. 177-FZ “On insurance of deposits of individuals in banks of the Russian Federation” was adopted, for the successful implementation of the rules of which the DIA was created in 2004.
The agency maintains a register of participants in the savings account, pays insurance compensation for deposits upon the occurrence of an insured event, and also manages the compulsory deposit insurance fund (MDIF). During the entire existence of the DIA (from 2004 to January 2013), 130 insurance cases were recorded, 388.3 thousand people applied for insurance compensation, and 72.7 billion rubles were paid to them.
Similar CER systems operate in more than 100 countries and are designed to prevent panic among depositors, ensure the stability of the banking system and public confidence in it. We will talk further about how insurance is carried out and what event is recognized as an insured event.
Deposit insurance mechanism
The deposit insurance process is quite simple. The depositor makes a deposit to the bank and draws up a deposit agreement. There is no need to conclude a special deposit insurance agreement: all technical aspects of interaction with the DIA fall on the shoulders of the financial institution you choose. Quarterly, the bank pays the DIA an insurance premium in the amount of 0.1% of the total deposit portfolio. Thus, the insurance is paid not by depositors, but by the banks themselves.
All funds placed on the accounts of individuals, including on debit plastic cards, are subject to insurance, except for:
- funds in the accounts of private individuals - individual entrepreneurs without forming a legal entity, as well as in the accounts of lawyers and notaries opened for them to carry out the specified activities;
- bearer deposits;
- funds transferred by an individual to the bank for trust management;
- deposits in precious metals;
- electronic money;
- deposits placed in foreign branches of Russian banks.
Insured event according to Art. 8 Federal Law No. 177-FZ is:
- revocation by the Central Bank or cancellation of the license of the bank in which you placed a deposit;
- moratorium by the Central Bank on satisfying the claims of other creditors of the bank.
Such an outcome is possible during times of serious financial difficulties for the bank, its complete ruin, or during an economic crisis. Next, we will look at how and to what extent investors can receive compensation.
Insurance compensation
When an insured event occurs, investors receive insurance compensation from the DIA. In accordance with current legislation, compensation is paid in the amount of 100% of the amount of deposits in the bank, but not more than 1,400,000 rubles (clause 2 of Article 11 of Federal Law No. 177-FZ). Foreign currency deposits are recalculated based on the Central Bank exchange rate in effect on the date of the insured event.
According to Art. 11 Federal Law No. 177-FZ, if a depositor has several deposits in one bank and their total amount exceeds 1,400,000 rubles, compensation will be paid for each deposit in proportion to its size. If funds are placed in several banks, then in each of them the depositor can receive up to 1,400,000 rubles.
According to Federal Law No. 451-FZ “On Amendments to Article 11 of the Federal Law “On Insurance of Individuals’ Deposits in Banks of the Russian Federation” for insured events that occurred after December 29, 2014, the maximum amount of insurance compensation for accounts (deposits) of individuals , including individual entrepreneurs, increased to 1.4 million rubles.
Note that if the depositor had more than 1,400,000 rubles in his account, the depositor can also claim the remaining funds, but during bankruptcy proceedings, when the bank’s property will be sold. Payments are made on a first-come, first-served basis, and not all depositors' claims can be satisfied.
It is important to remember that if at the bank in respect of which the insured event occurred, you had not only a deposit, but also a loan, then the amount of compensation will be determined based on the difference between the amount of the deposit and your obligations on the loan.
What to do if an insured event occurs?
The procedure for paying insurance compensation is regulated by Art. 12 Federal Law No. 177-FZ. According to the law, the DIA, within 7 days from the date of receipt from the bank of the register of its obligations to depositors, publishes in the “Bulletin of the Bank of Russia” and the printed publication at the bank’s location a message containing information about the place, time and procedure for accepting applications from depositors for payment of compensation . Also, within 1 month, the DIA sends a message to each bank depositor who has the right to insurance compensation. In addition, clients can obtain all the necessary information from the bank itself.
The depositor or his representative is required to submit an application in the form specified by the DIA; documents proving their identity; documents on the right of inheritance or use of funds (if available). After this, the DIA provides the depositor with an extract from the registers indicating the amount of compensation and, within 3 working days from the date the depositor submits the application, but not earlier than 14 days from the date of the insured event, pays the compensation.
Depositors who have received compensation are provided with a corresponding certificate, and a copy of it is sent to the bank. If the investor does not agree with the amount indicated in the register, he can provide the DIA with additional documents confirming the fact that the amount does not correspond to reality. The agency sends them to the bank, and if the depositor’s claims are justified, the bank must make changes to the register within 10 days and notify the DIA about this.
Payment of compensation can be made either in cash or by transferring funds to an account specified by the depositor. Acceptance of applications, documents and payment of compensation can be carried out by the DIA with the involvement of agent banks.
A depositor can submit an application for insurance compensation from the day the insured event occurs until the end of the bank’s liquidation process. If the client did not manage to do this within the allotted time for a good reason (due to a serious illness, long-term business trip, etc.), the DIA, even after liquidation, will accept his application and pay compensation (you should not count on this without a good reason).
In conclusion, we note that, despite the well-established reimbursement process and the obvious fundamental nature of the deposit insurance system, the size of its fund is not unlimited - at a critical moment it will be able to cover the obligations of two or three large commercial banks. Therefore, when choosing a savings program, first of all it is necessary to assess the reliability of the financial institution. However, if you prefer high-yield investments in little-known banks, it is recommended to diversify your deposit portfolio. By placing no more than 700 thousand rubles in each of them, you will largely insure yourself against financial losses, even in the event of the bankruptcy of several financial organizations.
The deposit insurance system provides a mechanism for the state to protect the cash deposits of citizens (individuals) through their insurance. The main goal of the procedure is to ensure stable operation of the financial sector of the economy and customer loyalty to banks.
Deposit insurance in Russia
In the Russian Federation, the deposit guarantee began to operate with the introduction of the law “On insurance of deposits of individuals in banks of the Russian Federation” (2004).
The procedure is carried out through an Insurance Agency specially created for this purpose. This law has undergone adjustments four times to increase the payment amount. The maximum value of compensation for citizens' deposits since 2015 has been determined within 1,400 thousand rubles. The previous figure, set in 2008, was limited to a lower value - 700 thousand rubles.
The insurance payment period is set at 14 days from the date of the insurance situation.
Participants
Participants in the insurance procedure include:
- citizens who deposited money (beneficiaries);
- banks indicated in a special list (policyholders);
- Agency (insurer);
- Central Bank of the country.
What is accepted for insurance?
The amount of money accumulated in the deposit is reimbursed to the client using the Agency’s funds; in the future, the agency itself decides on the issue of returning funds with the bank. The deposit insurance system for individuals implies 100% compensation of the deposit (within the permissible 1,400 thousand rubles if an insurance situation arises later than December 29, 2014).
Compensation is paid in Russian rubles. If the deposit is accepted in any other currency, the compensation is recalculated in Russian currency taking into account the Central Bank exchange rate on the day the insurance situation begins.
A client may have several deposit accounts opened in different banks (but not in several branches of the same bank). If these banks were affected by insurance events during approximately the same period, compensation is calculated from the maximum permissible value separately for each of the banks where deposits are open.
Insurance of deposits of individuals in Russian banks does not cover a number of types of deposits:
- accounts in foreign branches of Russian banks;
- “nameless” accounts (to bearer);
- certificate (savings);
- the account of a citizen-entrepreneur, if it is intended to be used for the specified activity;
- capital transferred to bank trust management.
Deposit interest insurance
In addition to the principal amount, accrued interest is subject to insurance when the latter is added to the principal amount (according to the terms of the agreement).
Interest accrued on the date before the day of the insured event is added to the balance of the deposit and taken into account in the compensation indicator.
If the client placed 100 thousand rubles. at 10% per annum with quarterly capitalization of remuneration (to the principal amount) on 08/01/2008, then in the insurance situation on 12/02/2008, to determine the amount of compensation, the value of 103,390 rubles is taken, consisting of:
- 100,000 rub. – deposit amount;
- 2520 rub. – accrued and capitalized interest for the billing period (quarter);
- 870 rub. – interest accrued for an incomplete settlement period before the date of occurrence of the insurance situation.
What applies to insurance events?
The law takes into account a number of events as insurance:
- revocation of a banking license allowing for financial procedures;
- establishment by the Bank of Russia of a temporary suspension (moratorium) on financial activities.
From the moment of the official introduction of the moratorium or revocation of the banking license, the insured event is considered to have occurred.
How are insurance premiums calculated?
From the moment of inclusion in the special list (register), the bank is obliged to pay contributions until the date of the occurrence of the insurance situation. When a moratorium is established on a banking organization, the obligation to pay insurance premiums on deposit amounts of citizens is suspended for the duration of the moratorium.
Payment of contributions is carried out quarterly and is determined from the average daily value of the amount of money in the accounts. The average rate fluctuates between 0.15% -0.3% of the calculation base for any banking organizations.
What affects reimbursement?
The amount of compensation is derived from the difference in the value of bank obligations to the client and the value of counter bank claims against him, formed before the insurance situation. A common counterclaim is loan debt. When calculating compensation, the amounts payable (as of the time of occurrence of the insurance situation) are minus from the amount of the deposit:
- loan balance;
- outstanding interest amount;
- fines for violating the loan repayment schedule.
If the amount of money on deposit turns out to be greater than the maximum allowable payment value, the uncompensated part of the deposit is taken into account in the register of bank creditors and is subject to payment during the execution of liquidation procedures.
Either spouse receives compensation for deposits in their own name in full in the amount established by law, but without taking into account the money in the accounts of the other spouse registered in the same banking organization.
If a “family” type card is opened for a client’s bank account in the name of a spouse or adult children, compensation is paid only to the account owner. Family members in this situation do not have the right to own the account, but are only given the right to dispose of the money available in the account.
Heirs' rights
Heirs who entered into inheritance rights after the formation of an insurance situation have the right to receive compensation if the amount was not previously paid to the investor personally. Heirs are required to provide an application, identification and confirmation of the right of inheritance.
How is the payment procedure carried out?
The Client submits the application for reimbursement to the point specified in the Agency’s information message (to its representative office, to the authorized bank). This information (place, time, text of the statement) is distributed by the Agency through the media within a week from the moment the bank transmits the list of deposit obligations. Additionally, the Agency notifies each client personally in writing about the need to provide documents to receive payment.
A copy of the deposit account owner's identification card must be attached to the application. If the client applies through a representative, the latter’s authority to demand compensation for deposits on behalf of the client must be confirmed by a notarized document (power of attorney).
Upon acceptance of the application, the client is informed about the amount of deposit balances listed in his name in the bank account, the amount of insurance due and the day of its payment. If the client is not satisfied with the proposed amount of compensation, he has the right to submit a corresponding application, attaching documentary evidence of his position.
The Federal Law on Insurance of Individual Deposits provides for payment to be made within 3 days from the date the client submits the application and attaches the required documents. If the payment schedule is not observed, the Agency is obliged to make an accrual (at the refinancing rate of the Central Bank of the Russian Federation) and pay interest on the compensation amount.
The client must apply for insurance before the end of the moratorium or bankruptcy procedure. If a depositor misses the deadline for submitting an application, it is reinstated by the Agency if there are valid reasons (business trip, long-term illness).
Do you need a contract?
The basis for insurance of deposits of citizens is the federal law, according to which the execution of an insurance contract for deposits of individuals is not provided. The presence of a bank obligation to guarantee the return of money through insurance is recorded in the deposit agreement in the section relating to ensuring its execution.
A sample bank deposit agreement with a section on money insurance is available.
State insurance of deposits of individuals in the country serves as convincing confirmation of the protection of depositors and their rights at the legislative level, thereby contributing not only to strengthening the banking system, but also stimulating the attraction of household savings into it.
02.11.16 Sberbank of Russia deposits interest rateSberbank offered clients a new “Most Valuable” deposit, which coincided with the bank’s 175th anniversary. The deposit can be made from October 11 to November 30, 2016 inclusive.
Clients who have opened a deposit can connect to the “Protected Depositor” insurance program for free and receive insurance protection against accidents for 100 thousand rubles. It is valid for 175 days from the date of joining the insurance program. For the first time, Sberbank is providing insurance coverage to clients who open a deposit.
Interest rates applicable for the “Most Valuable” deposit:
The maximum interest rate on the product will be 8% per annum. The maximum rate on deposits of the basic and online lines at Sberbank is currently 6.85% per annum.
The “Most Valuable” deposit can be placed in all Sberbank branches serving individuals, in Internet banking, the Online mobile application or in Sberbank self-service devices.
Basic conditions for the “Most Valuable” deposit:
- The deposit period is 175 days.
- Deposit currency - Russian Rubles.
- The minimum deposit amount is 25,000 rubles.
- Interest is paid at the end of the investment period.
- Replenishment is not provided.
- Partial withdrawal is not provided.
More detailed information about deposit conditions and insurance can be found on the Sberbank of Russia website.