More than three hundred Russian banks are currently in the process of liquidation - such data was published in November. Almost each of these credit institutions attracted deposits from individuals and individual entrepreneurs. The deposit insurance system that has existed in the Russian Federation since 2004 made it possible to return a total of 1.7 trillion rubles to depositors. This state program not only provides protection against possible loss of funds, but also significantly increases the population’s confidence in banking structures and the savings institution as a whole. What is the deposit insurance system (DIS) and how is it organized?
The deposit insurance system in the Russian Federation is based on the fact that the state, in the event of a bank’s bankruptcy or revocation of its license, guarantees a quick return to individual clients and individual entrepreneurs of deposit amounts of up to 1.4 million rubles. According to the Association of Russian Banks, in the first half of 2017, the average deposit of a resident of the country was 163.1 thousand rubles, the share of deposits less than 1.4 million rubles is approaching 60%. Consequently, most of the population’s savings fall under the parameters of the deposit insurance system (DIS).
How relevant the CER is can be judged by the fact that during its validity more than 3.6 million depositors took advantage of the opportunity to receive compensation. In total, during this period, the Central Bank of the Russian Federation revoked the licenses of over 400 banks (the full list can be viewed here: https://www.asv.org.ru/insurance/insurance_cases/). In 2017, 45 credit institutions ceased operations, including members of the TOP-30 Russian banks (for example, Yugra).
The maximum amount of compensation for deposits in closed banks has increased 14 times since the beginning of the program. From 2004 to 2008 it was 100 thousand rubles, then increased to 700 thousand. Since the end of 2014, this figure has been at the level of 1.4 million rubles.
History of changes in the amount of insurance compensation:
- from January 2004 to August 9, 2006 - 100 thousand rubles;
- from August 10, 2006 to March 25, 2007 - 190 thousand rubles;
- from March 26, 2007 to October 1, 2008 - 400 thousand rubles;
- from October 2, 2008 to December 28, 2014 - 700 thousand rubles;
- from December 29, 2014 to the present - 1.4 million rubles.
Life story
I “got in” back in the early 2010s with the Holding-Credit bank, where I kept a decent amount. It simply evaporated, and the depositor base was restored literally piece by piece, from individual surviving files. Fortunately, I was included in one of the files, and the procedure went without a hitch. 4 days after the announcement of the start of payments, I came to the Sberbank branch near Gorbushka and turned to the first employee I came across. He invited a special manager, who took me to a special window, where I signed an application and almost immediately received the deposit itself (fortunately it was 370 thousand, less than the maximum) and interest. Finally they said: “THEY don’t owe you anything anymore.”.
Deposit Insurance Agency (DIA): what is it and why was it created?
The Deposit Insurance Agency (DIA) is a state organization created within the framework of the law “On insurance of deposits of individuals in banks of the Russian Federation”. The DIA's tasks include monitoring banks' contributions to a special fund from which payments are made to depositors affected by bankruptcy or revocation of a bank's license.
Since the deposit insurance system is a special government program, a corporation with 100% government participation was created in 2004 to implement it. The Deposit Insurance Agency (DIA) acts as a liquidator and bankruptcy manager of banks with revoked licenses, and most importantly, manages the compulsory deposit insurance fund, from which compensation is paid to depositors.
The volume of the fund as of October 1, 2017 was about 40 billion rubles. However, this figure in itself doesn’t say much: the process of returning deposits from closed banks occurs constantly; this year alone, the DIA attracted over 600 billion rubles as loans from. The repayment of these loans occurs due to the influx of contributions into the fund from Russian banks within the framework of the deposit insurance system.
The Agency invests available funds primarily in government securities and deposits of the Central Bank of the Russian Federation; investing insurance fund money in bank shares is prohibited by law.
The Board of Directors of the DIA is headed by the Minister of Finance of the Russian Federation; this body includes six other members of the country's government, as well as five representatives of the Central Bank, which emphasizes the official status of the Agency and its reliability, ensured by public funds.
The safety of the deposit in the event of a bank collapse is guaranteed by Federal Law No. 177-FZ “On the insurance of deposits of individuals in banks of the Russian Federation.”
Currently, the insurance system covers two categories of depositors: individuals and individual entrepreneurs.
The CER scheme is very similar to the algorithm of any compulsory insurance, only the role of insurers here is not citizens, but banks. Credit institutions pay a share of the funds raised to the Deposit Insurance Agency. From this money, the DIA forms an insurance fund, which is then spent on compensation to depositors of banks with a revoked license.
Current rates of bank contributions to the deposit insurance system
To become a participant in the CCT, the depositor does not need to enter into a separate agreement - insurance of the deposit occurs automatically when it is opened.
There are only two insurance cases in which the DIA compensates the deposit:
1 Revocation or cancellation of a bank license by the Central Bank. Occurs if signs of insolvency (impending bankruptcy) or violation of the requirements of the Central Bank of the Russian Federation are detected. Voluntary liquidation of a bank by its owners is not covered by the deposit insurance system - simply because the owners of the bank can make a decision to close only after full settlement with all creditors, including depositors.
If the owners decide to simply lock the office doors and go abroad, the bank will be liquidated by decision of the Central Bank - with the revocation of the license and compensation to customers under the deposit insurance system.
2 Moratorium. Prohibition of satisfying the claims of bank creditors (imposed by the Bank of Russia). A moratorium is introduced when the bank itself commits a delay to its creditors due to a lack of funds in its accounts.
Example: banks, in order to issue loans to individuals, themselves borrow money at a lower interest rate from other banks and organizations.
The essence of this measure is that the Central Bank suspends for 3 months any bank payments (payments on deposits, writs of execution, fines, penalties, etc.) except for current expenses (staff salaries, social benefits, utility and other business payments).
During this period, the Central Bank checks the work of the credit institution and decides whether to revoke its license. Two weeks after the introduction of the moratorium and before its end, you can contact the DIA with an application for compensation of the deposit. In the entire history of the Agency, a moratorium was introduced only twice: at Vneshprombank and Nota Bank in 2015.
Central Bank of the Russian Federation
If a bank’s license is revoked, the depositor can get back the invested amount (no more than 1.4 million rubles) without waiting for the credit institution’s procedure. The first payments are made 14 days after the announcement of the revocation of the license (if the register of depositors is in order and submitted to the DIA on time).
The deposit insurance agency works, as a rule, through agent banks; there are sixty-two of them in the DIA register. These are leading banks with state participation (for example, payments to clients of Yugra Bank were carried out by VTB24), as well as large private credit organizations (Alfa Bank, B&N Bank and others).
This was done to improve accessibility: agent bank branches, as a rule, are located in all major cities; it is easier for depositors to go there rather than send documents by mail to the DIA.
The legislation does not provide for any priority when paying compensation: two weeks after the license is revoked, any depositor (both an individual and an individual entrepreneur) can contact the agent bank - the main thing is that information about him is in the register of depositors of the bank whose license was revoked . More details about cases when information about the investor is not in the register and what to do in such situations are discussed at the end of this article.
The procedure for returning a deposit is simplified as much as possible: the depositor contacts the agent bank with a minimum number of documents. If everything is in order, the individual is transferred to the account specified by him or given in cash at the bank’s cash desk. For an individual entrepreneur, the returned funds are transferred to an account in any bank (it is most profitable to open an account with an agent bank - you do not have to pay a commission).
The revocation of a license, after which the bank ceases to operate, must be distinguished from reorganization (financial recovery). In the second case, a temporary administration is introduced in the bank, the owner may change and there will be a stir in the media, but nothing changes for the depositor - work with deposits proceeds as usual, the money can be withdrawn in full if desired. Typically, rehabilitation is used in two cases:
- The bank is important for the state of the country's economy, and its closure may lead to negative macroeconomic consequences;
- The deterioration in liquidity is temporary and is associated with panic among depositors, and not with a real financial “hole” in the bank’s capital.
In 2017, the Central Bank sanitized two credit organizations from the TOP-10 - Otkritie banks and B&N Bank.
Which banks are included in the deposit insurance system?
According to the DIA as of November 13, 2017, the deposit insurance system includes 476 operating Russian banks, which contain over 24 trillion rubles of deposits of individuals and individual entrepreneurs.
The law obliges all credit institutions that accept deposits from the public to participate in the CER. To have the right to display the “Deposits are insured” banner on their website, banks must meet several requirements:
- Reliable reporting (according to the standards of the Central Bank), errors and inaccuracies should not affect the assessment of the financial stability of the organization;
- Compliance with Central Bank standards on reserves, capital, etc.;
- The financial stability of the bank was recognized by the Central Bank as sufficient (primarily in terms of liquidity, quality of risk management and other similar parameters);
- Timely provision of information about persons under whose control the bank is located.
- Timely correction of identified violations.
Not all banks meet these requirements. 4 credit organizations are now deprived of the right to attract funds from the public. Thus, the Central Bank points out to banks the problems with accounting for deposits and the suspicion of maintaining “notebook” accounts, when money is taken from depositors, but not recorded according to documents.
After the prohibition of attracting new deposits, the Central Bank of the Russian Federation begins to check for the presence of off-balance sheet accounts - for example, about 800 depositors were identified at Miko-Bank, whose money (828 million rubles) did not pass through the bank’s balance sheet and was lost in an unknown direction. As a rule, restrictions on accepting deposits result in the revocation of the license.
There are several ways to check if your bank is a member of the CER. The easiest thing is to look on the website of the Deposit Insurance Agency (section “Participating Banks”, sorted alphabetically: https://www.asv.org.ru/insurance/banks_list/). You can also clarify the information you are interested in by calling the toll-free hotline : 8 800 200-08-05.
A special sign developed by the DIA is posted on the Internet resources of banks included in the deposit insurance system. This sign is also placed on glass at cash desks and at bank tellers.
How to return a deposit if the bank’s license has been revoked
Only the Central Bank terminates the activities of a credit institution. The reimbursement process starts immediately after the bank's license is revoked.
Within a week from the date of receipt of the register of debt to depositors, the Deposit Insurance Agency sends a message to the “Bulletin of the Bank of Russia” and the official city newspaper at the location of the bank.
The text indicates the place, time, form and procedure for accepting applications for payment of compensation for deposits. Similar information is posted on the websites of the Agency and the bank itself. Then, within 30 days, the same messages are sent to depositors by mail.
Most often, depositors learn about the revocation of their bank’s license from the media; this is usually always talked about in the news on central channels, written on major news sites and portals, such as Yandex, Mail, etc.
Finally, if you go to the bank and the office is suspiciously closed during the middle of the working day, here is what you should do:
1 Go to the DIA website and then either call the hotline 8 800 200-08-05, or enter the name of your bank in the search bar. If it turns out that the bank’s license has been revoked, then find out which bank has been appointed as the DIA agent for compensation payments. This data is posted on the Deposit Insurance Agency website, or you can ask a hotline specialist.
2 14 days after the announcement of the revocation of the bank’s license (its date is indicated on the Agency’s website), the depositor, his representative or heir writes an application in the DIA form. The form can be downloaded on the Agency’s website (https://www.asv.org.ru/insurance/, section “Document Forms”) or filled out at the agent bank. There is no need to rush, but you need to be in time before the end of the bank bankruptcy procedure (this date will be announced on the websites of the DIA and the closed credit institution). If the investor or his heir “blundered”, the term can be restored by proving that the applicant was prevented by force majeure circumstances, military service or serious illness.
3 Documents are attached to the application. A passport is enough for the investor; the representative also brings a notarized power of attorney. If the depositor is a minor, parents or guardians provide his birth certificate. Adoptive parents are required to have an adoption document, and guardians, respectively, are required to establish guardianship. If it is not possible to submit documents in person to the agent bank, they can be sent by registered mail with notification.
4 By law, the agent bank must consider the depositor’s application no later than the end of the next business day (if the register of depositors has already been received by the bank from the DIA). If the amount of compensation is small, immediately after receiving the application it is paid through the cashier (the limit depends on the rules of the agent bank - in some cases they can pay a million, but most often the amount is limited to one or two hundred thousand rubles). Otherwise, the depositor will be asked to come the next day, the required amount will be prepared. If in the application the depositor wished to receive money by bank transfer, the agent bank is given three working days to do this.
5 Along with the money, the client is given a certificate stating how much has been paid/transferred. This document is especially important if your deposit exceeds 1.4 million, and you plan to make claims against the deprived bank in the future.
If compensation for the deposit for some reason (not related to the refusal to the client) is not paid on time, the depositor has the right to go to court. You can request the following:
- penalty;
- compensation for moral damage;
- payment of interest for the use of other people's money from the first day of delay.
Life story
I had a deposit of 200 thousand rubles in the ever-memorable Bank-T. I knew that the bank was terrible, but it offered interest rates that were irresistible (about 12.5%, very steep even at that time). Time passed, I withdrew the interest onto my card. And then I saw in Yandex that the bank’s license had been revoked. I went to the DIA website - in the first line of the news there was a message about the time frame within which an agent bank would be appointed. I waited a few days, went to the site again - Sberbank was chosen as the agent bank. Deposits were not paid out everywhere; the list of branches was also posted on the DIA website. In the branch that was closest to me, the return of deposits was handled by the department that served Sber VIP clients. But there was a line there too—not of scandalous grannies, but there was a line. The first time I came just to ask. They said that you don’t need anything other than a passport. It is used to check the status of accounts. They immediately found me in the register, signed a statement drawn up by the manager - and that’s it, I can go to the cashier. I didn’t go to the cashier because I had an account with Sberbank and asked to transfer the money to it. The translation arrived instantly. What was a pleasant surprise was that they even reimbursed the interest for the last month of service. Bank-T paid interest on the last day of the month, but it did not finish until November 30th. I thought that I would not receive anything for November, or at most at the “on demand” rate, but they paid at the usual rate - another 1,700 rubles and a few kopecks, plus the body of the deposit.
DIA office in Moscow at the address: Vysotskogo Street, 4
FAQ
Are all types of bank deposits insured?
No, not all. The law establishes a clear list of deposits for which the state guarantees compensation:
- on demand and urgent;
- on salary, pension and scholarship bank accounts;
- on individual entrepreneur accounts (in banks deprived of their license after January 1, 2014).
- on accounts owned by guardians and trustees, but opened for minors or incompetent persons (in banks whose license was revoked after December 23, 2014).
- on special accounts (escrow) opened by individuals for settlements on real estate transactions (in banks that remained without a license after April 2, 2015).
Here are some banking products that are not included in the deposit insurance system:
- Funds on deposits of lawyers, notaries, etc., if these accounts are opened for professional activities.
- Deposits of individuals are payable to bearer.
- Funds transferred by individuals to banks for trust management.
- Deposits opened in branches of Russian banks outside the Russian Federation (the CER does not apply to foreign countries).
- Deposits in electronic money.
- Funds in nominal and escrow accounts (other than those mentioned above).
- Funds in unallocated metal accounts.
Is interest on the deposit insured?
Yes, they are insured, but only if they were added to the principal amount of the deposit before the start of the bankruptcy procedure. Let's look at some examples for better understanding:
Example #1
You placed 100,000 rubles on a deposit for a period of one year and accrual of interest at the end of the term. Let’s assume that six months after the conclusion of the agreement, the bank’s license was revoked. Since your money did not stay on deposit for a year, it means that interest was not accrued to you, which means it is not subject to insurance.
Example #2
You placed the same 100,000 rubles on the deposit, for a period of one year and interest accrued at the end of each month. Six months later, the bank’s license was revoked. In this case, you will receive your deposit + interest for six months, since they were accrued and due to the deposit amount every month.
Are debit card accounts included in the deposit insurance system?
Deposit insurance applies to debit card accounts; the compensation procedure for them is the same as for other types of deposits. The exception is prepaid bank cards. Money on them is not insured.
Life story
At one time I had a Svyaznoybank plastic card, I kept it for myself, and on it was a “rainy day” amount of 15 thousand rubles. One day, right before the New Year, I heard on the radio that the bank had closed a month ago. At first I decided that the “stash” was gone forever, but still I went online to look for clues. On the bank's website there was an instruction to apply for payments to Sberbank - with a passport. Knowing our bureaucracy, I took with me all the documents - the original and copies of the agreement with the bank and much more. And at the same time, the account number of another card to transfer money there if everything goes well. The Sberbank branch that I needed to contact was on the other side of the city, but I went there in good faith, thinking that the nearest office was unlikely to help me. They accepted me within 10 minutes. The employee took the passport and filled out the application herself. I signed. The employee herself went to the cashier with the check and brought me my 15 thousand. The whole thing took exactly 20 minutes.
When can payment be refused?
There are only three reasons why you will not be reimbursed for your deposit:
- The register does not contain information about you as a depositor.
- You provided incorrectly completed documents or did not provide any paper.
- The agent bank did not receive the register of depositors from the DIA.
The agent bank is obliged to provide you with a written explanation of the refusal to pay insurance compensation.
Life story
We spent a long time choosing a bank to place money there, which we planned to later spend on buying an apartment, but for now earn money on interest. Deposit insurance was one of the main conditions. We live in Samara, and it seemed most convenient to open a deposit in the Volga-Kama Bank. From time to time they came, topped up, took statements - everything was as usual. And then there was a rumor that the bank was in trouble. We just had to make a contribution to buy an apartment, we got alarmed and ran to the bank. There was a kilometer-long line, of course, they didn’t see the money, but they almost forcibly knocked out a bank statement with account balances with a bank mark. And they calmed down. We waited for the “letter of happiness” from the DIA - and fell into shock. We are not on the registry! But we have an extract! We wrote a counter statement to the Agency, attached a copy, and are waiting for a decision. A reply came from the DIA: you are not on the register. They didn’t even look at the extract! If it weren’t for the State Duma deputy and the prosecutor’s office, we wouldn’t have gotten anything. As a result, they were paid only after 6 months.
What to do if you are not on the register of investors?
The reason for such an unpleasant situation may be the negligence of bank employees (documents on some of the depositors are lost or destroyed, employees are fired, there is nowhere to look for ends) or the so-called “off-balance sheet deposits” - when money was taken from depositors, but not carried out according to the documents, giving clients fake pieces of paper. As a result, you have an agreement in your hands, but there is no information in the bank that you made a deposit. Accordingly, when you contact the agent bank for compensation, you will receive a refusal. This was experienced, for example, by depositors of Crossinvestbank, Miko-Bank, and Stella Bank, where the number of “notebook” deposits was close to 100%.
The DIA sees two solutions to this issue. Sometimes the Agency recommends that depositors immediately go to court to demand reinstatement in the register. A claim against a bank whose license has been revoked must be filed only after receiving a refusal from the DIA. Much depends on the quality of the statement of claim; it should not be formulaic.
Please note: for the court, you are not a depositor who has suffered from fraud, but a person who is going to prove that he had a deposit in this bank. This means that the more convincing your evidence is - in the form of original documents, witness statements, and so on - the greater the chances.
If the client is in the register, but the deposit amount does not correspond to the real one, the DIA asks, along with a statement of disagreement with the payment amount, to provide the original documents for the deposit (agreement, orders, etc.) directly to the Agency (for example, send by mail). The review may take up to two months. The disadvantage of this scheme is the need to part with the original documents. This means that you will no longer be able to go to court.
What should I do if I do not agree with the refund amount?
There are two options.
- Submit documents to the DIA to support your claims. The agency will forward these papers to the bank. There, within 10 days from the date of receipt, they must consider your arguments and either make changes to the register of investors or refuse.
- File a claim to establish the amount of payments in court.
Life story
I had to deal with the DIA twice. The first time when Investtrustbank’s license was revoked, everything went well, the money was quickly returned. And for the second time we had to protest the operating procedure of the deposit insurance system. We transferred more than a million rubles to Yugra Bank in the summer of 2017 - just at the moment its license was revoked. It turned out that part of the money was gone before the announcement of the insured event, and the second part (large) – right on the day of this announcement. Despite the fact that clause 5 of Article 11 of the Law “On Insurance of Individuals’ Deposits in Banks of the Russian Federation” states that the amount of compensation for deposits is calculated based on the balance of funds on the deposit at the end of the day the insured event occurs, the DIA takes the beginning of this as the cutoff day. And, accordingly, he does not want to return part of the money. We wrote a statement of disagreement with the payment, 10 days are running out, we will have to go to court.
I have three deposits in one bank for a total of 3 million rubles, but each of the deposits is less than 1.4 million. Will I get my full amount back if the bank goes bankrupt?
According to the law on deposit insurance, if you have several deposits in one bank, they will reimburse everything - but the total amount cannot exceed the same 1,400,000 rubles; the rest can be tried to be recovered directly from the bank whose license has been revoked. But deposits in several banks simultaneously deprived of licenses will be reimbursed 1.4 million for each closed institution.
Conclusion
Let's repeat the most important thoughts on deposit insurance:
- The deposit insurance system applies only to individuals and individual entrepreneurs. In this case, the money of legal entities is not insured.
- The DIA only insures bank deposits. If you see an advertisement for any financial instrument (forex, stocks, pamm accounts, mutual funds, etc.) that says that the funds you deposit are insured, then know that you are being deceived. This is a marketing trick that is often used to cover up financial pyramids and HYIPs.
- Debit cards are subject to insurance, which means you can safely open cards with interest accrued on the balance.
- Choose a bank where deposits are insured by the DIA.
- Do not place more than 1.4 million rubles. in one bank per individual.
- If you need to place an amount greater than 1.4 million rubles, then break the amount into parts, no more than 1.4 million rubles. and keep them in different banks, or open deposits for your relatives if the bank offers good rates.
- If you are making a deposit, always ask for supporting documents from the bank, especially for deposits opened via the Internet. Keep all documents related to your deposit - agreement, checks for depositing money, etc., in case your data is suddenly not in the register.
Video for dessert: Creative street clocks in Tokyo
What is the list of banks included in the deposit insurance system? What are the features of deposit insurance for individuals and legal entities? What does a deposit insurance agency do?
Good day, dear readers! Welcome to Denis Kuderin, insurance expert.
We continue the series of articles devoted to insurance protection of property, finances and health of citizens. The topic of this article is deposit insurance.
The material will be interesting and useful to everyone who stores money in banks or is just about to open a deposit. Investment security is the most important condition for financial well-being.
So, let's begin!
1. What is deposit insurance?
Bank deposits are the most popular and popular way of saving money in Russia and the CIS countries. Deposits protect money from inflation and theft and even allow you to make a small profit.
With the development of banking, the process of managing financial assets has become simpler and more convenient: salaries and pensions are transferred to personal accounts, and Internet technologies allow you to operate with money without leaving your home.
To increase citizens' confidence in financial institutions and encourage them to open new accounts, the state developed and introduced a private deposit insurance system.
The purpose of this system is to guarantee the return of funds in the event of an insured event, that is, in the event of a bank failure or the revocation of a company’s license to conduct financial transactions.
In Russia, all individuals and individual entrepreneurs are subject to the law on deposit insurance. According to this regulation, banks are allowed to open private deposits only if the company participates in a mandatory insurance program.
For ordinary citizens, this guarantees compensation for deposits that the bank for some reason cannot return. At the same time, clients themselves do not need to sign any additional papers when opening a deposit: the money is automatically insured by banks.
An important nuance - deposits are subject to insurance up to 1,4 million rubles Deposits in excess of this amount can also be insured, but on a voluntary basis. It does not matter whether you keep money in one or several banks - each deposit is insured separately. Until 2015, the amount of funds subject to insurance protection was half as much.
Now in the Russian Federation there are about 900 banks - official participants of the unified deposit insurance system (DIS). So, when opening a deposit in a financial institution unfamiliar to you, the first thing you should do is ask whether the bank is on this list.
Not all types of bank deposits are subject to mandatory insurance.
The list of accounts that are not insured under the unified system includes:
- impersonal metal accounts;
- deposits in electronic currency;
- deposits in branches of foreign banks;
- bearer deposits;
- assets transferred into trust management;
- deposits in excess of the amount subject to mandatory protection.
In theory, it is quite possible to return such deposits after the bankruptcy of a financial company. Everything depends on the successful sale of the assets of the bankrupt bank. Such procedures, as well as insurance compensation itself, are handled by a government agency – the Deposit Insurance Agency (DIA).
First of all, the agency returns deposits of individuals, then individual entrepreneurs, after that - those whose deposits exceeded the amount of 1.4 million. Last of all, legal entities and those who opened metal accounts and other deposits that are not included in the list of compulsory insurance are served. .
3. Which banks are included in the deposit insurance system - review of the TOP 5 companies
As already mentioned, hundreds of Russian banks participate in the CER.
We present the five most reliable financial institutions in terms of the safety of civilian deposits.
1) VTB + Bank of Moscow
VTB Banking Group unites more than 20 financial organizations. The company is a holding company and operates in the domestic Russian market and in the international arena. VTB is confidently committed to increasing customer trust, reliability and openness.
Organizations united under the VTB brand are engaged in lending, insurance, storage and multiplication of deposits of individuals and legal entities. The shareholder of the bank is, in particular, the Government of the Russian Federation.
2) Alfa-Bank
The company is consistently included in the TOP financial organizations in Russia. It has several subsidiaries, hundreds of branches and thousands of ATMs throughout the country. One of the most popular banks among private investors.
Alfa Bank is a permanent member of the CER, a winner of national and international awards and prizes awarded to the best financial organizations. Has the highest rating A++ from the independent agency Expert.
3) BINBANK
Private financial institution. It positions itself as one of the most reliable organizations in Russia, which is confirmed by the assessments of national and international rating agencies. Operating since 1996, it has more than 500 branches in cities of the Russian Federation.
Maintains a course for a harmonious combination of the experience of international financial companies with the realities of the local market. Each deposit of individuals is required to be insured under a unified deposit insurance system.
The largest financial institution in the Russian Federation. Slogan: “On a state scale, in the interests of everyone!” Included in the TOP 3 most influential Russian banks. It occupies a leading position in terms of capital volume, reliability and profitability of deposits.
It serves key sectors of the Russian economy and has subsidiaries in Kazakhstan, Belarus, Armenia, China and Switzerland. Has more than 4 million private investors.
A bank specializing in issuing mortgage loans. Any transactions of private individuals are necessarily protected by insurance. A reliable assistant in solving housing and credit issues. Speed when making a decision on issuing loans, prompt execution of documents, advantageous programs and offers.
4. How to profitably insure deposits for individuals and legal entities - 3 useful tips
Despite the fact that deposit insurance in banks participating in the CVS program is a mandatory procedure, many clients have questions regarding the mechanisms and principles for protecting their savings.
Moreover, a huge number of depositors are not aware that their deposit is reliably insured against loss in the event of bankruptcy and revocation of the company’s license.
Some tips for banking clients who want to protect their money 100%.
Tip 1. Make sure that the bank is a participant in the SSV
How to make sure that a financial institution is included in the CER program? It’s very simple - go to and find your bank in the list of participants.
If an institution is not on the list or, moreover, is on the list of companies excluded from the system, then you should not trust your assets to such an institution.
Tip 2. Avoid mistakes when filling out documents
When making a deposit, always check that your personal data is written correctly – full name, passport number, residential address.
If you change your name, address or passport, always notify your bank of such changes. This will help you easily find your contract when paying for insurance.
Tip 3. Make sure your contribution is covered by the CER
There are deposits that are not subject to compulsory insurance. We have already given a list of them above.
Remember also that the insurance covers not only the deposit body, but also the accumulated interest.
If you have any questions about how to insure your deposits and not make mistakes, you can seek help from experienced lawyers of the online service.
Watch an interesting video on the topic of deposit insurance.
5. Deposit Insurance Agency - what is it and what are its functions?
The DIA is a government agency responsible for the stability of the banking system in the country.
The funds of this organization are formed from systematic contributions from banks. The DIA has the right not only to accumulate funds and pay them as compensation, but also to invest them for the purpose of multiplication. This allows you to create a reserve in case there are too many requests to the organization.
The DIA is also engaged in the sale of assets of liquidated and declared bankrupt banks. The proceeds from such transactions are used to satisfy the claims of creditors.
The agency not only protects citizens' deposits, but also creates more favorable conditions for banks. The activities of this structure are controlled by the government of the Russian Federation and representatives of the Central Bank of Russia.
6. How to return deposit money if the bank’s license has been revoked - 4 simple steps
To get your deposit back if the bank goes bankrupt or closes, you need to follow a certain scheme.
Step 1. We go to the website of the deposit insurance agency
Already a day after the bank’s permission (license) is revoked, official information about this appears on the DIA website. The same information is posted on the Bank of Russia website.
The Agency’s portal also publishes information about agent banks that undertake to make payments on deposits.
Depositors have the right to apply for insurance compensation from the date of the insured event until the complete liquidation of the bank.
If, for good reasons, a person did not manage to do this within the prescribed period, the DIA will also consider his application in this case and, most likely, will also pay compensation.
Step 2. Contact the agent bank
Within 72 hours from the moment the insurance situation is announced, the DIA selects an agent bank that will handle payments.
After this, within a week the Agency posts information about the exact place and time of payments. Lists of depositors are compiled, each of whom is notified of insurance compensation in writing.
Depositors turn to the agent bank with the intention of receiving their money under insurance. A person can exercise his right to compensation within 2 years. In some cases, it is possible to withdraw money after this period.
Step 3. Making a statement
The agent bank will give you a form that you need to fill out in accordance with the established form. The policyholder will be required to confirm his identity or have a power of attorney certified by a notary (if he receives money as a representative of the investor).
The application form can also be downloaded from the DIA portal.
Step 4. We receive payments
The insurance amount must be paid within 72 hours from the date of submission of the application, but not earlier than 2 weeks from the date of recognition of the insured event.
Compensation is paid either in cash or transferred by bank transfer to a bank account specified by the client. In some cases, the DIA makes payments without the involvement of agent banks.
If you have problems returning your deposit, you can.
For clarity, we have displayed instructions for investors in the form of a table:
You will find useful information in the article “
Compulsory deposit insurance system (CDI)– a special state program implemented in accordance with Federal Law dated December 23, 2003 No. 177-FZ “On insurance of deposits in banks of the Russian Federation.”
The main objectives of the CER are:
- protection of the rights and legitimate interests of depositors of banks of the Russian Federation;
- strengthening confidence in the banking system of the Russian Federation and stimulating the attraction of funds into the banking system of the Russian Federation.
The State Corporation “Deposit Insurance Agency” (hereinafter referred to as the Agency) was created to ensure the functioning of the DIS and, first of all, to ensure the payment of compensation for deposits in the participating banks of the DIS in the event of an insured event.
Operation of the compulsory deposit insurance system
Participation in the SSV is mandatory for all banks that have the right to work with deposits of individuals. Deposits are considered insured from the day the bank is included in the register of banks participating in the CER. The current list of banks participating in the CER is published on the Agency’s official website on the Internet information and telecommunications network
Currently, depositors of 746 (data as of May 31, 2019) banks participating in the deposit insurance system are protected by CERs, including:
- operating banks licensed to work with individuals - 385;
- existing credit institutions that previously accepted deposits but lost the right to attract funds from individuals -6;
- banks in the process of liquidation - 355.
The funds of depositors who have entered into a bank deposit agreement or a bank account agreement with the bank, including deposits certified by savings certificates, are subject to insurance.
In accordance with federal law, depositors include:
- individuals - citizens of the Russian Federation, foreign citizen, stateless person;
- individuals - individual entrepreneurs (IP);
- legal entities classified in accordance with legislation of the Russian Federation to small enterprises, information about which is contained in the unified register of small and medium-sized enterprises (SMEs) maintained by the Federal Tax Service of Russia.
The following funds are not insured:
- placed in bank accounts (deposits) of lawyers, notaries and other persons, if such bank accounts (deposits) are opened in connection with professional activities;
- placed in bank deposits, the deposit of which is certified by certificates of deposit;
- transferred to banks for trust management;
- placed on deposit in branches of banks of the Russian Federation located outside the territory of the Russian Federation;
- being electronic money;
- placed on nominal accounts, with the exception of separate nominal accounts that are opened by guardians or trustees for the benefit of wards;
- placed on collateral accounts;
- placed in subordinated deposits;
- placed by legal entities or in their favor, with the exception of funds placed by small enterprises or in their favor.
An insured event is one of the following events:
1) revocation (cancellation) by the Bank of Russia of the bank’s license to carry out banking operations; 2) introduction by the Bank of Russia in accordance with legislation The Russian Federation has a moratorium on satisfying the claims of bank creditors. An insured event is considered to have occurred from the date of revocation (cancellation) of the bank’s license from the Bank of Russia or from the date of the introduction of a moratorium on satisfying the claims of the bank’s creditors.
Informing depositors about the occurrence of an insured event by the Agency
Information about the occurrence of an insured event in relation to a bank is published on the official website of the Bank of Russia and on the official website of the Agency on the Internet, as well as in the media. The Agency, within 5 working days from the date of receipt from the bank in respect of which the insured event occurred, publishes the register of the bank’s obligations to depositors on the Agency’s official website on the Internet and sends it to this bank, as well as to the Bank of Russia for posting on its official website on the Internet information and telecommunications network and in the periodical printed publication at the location of this bank, a message containing information about the place, time, form and procedure for accepting applications from depositors for payment of compensation for deposits. In addition, within 1 month from the date of receipt from the bank of the register of the bank’s obligations to depositors, the Agency also sends a corresponding message to each depositor of this bank, whose data is contained in the register and to whom, as of the date of sending this message, the bank has obligations on deposits.
The investor can obtain all this information by calling the Agency’s hotline (8-800-200-08-05) (calls within Russia are free).
The depositor can also subscribe to news about the bank he is interested in on the Agency’s official website on the Internet. In this case, the depositor is automatically sent news posted on the Agency’s website in the “Deposit Insurance/Insured Events” section for this bank to the email address he specified when subscribing.
Amount of insurance compensation
The amount of compensation payable on deposits is determined based on the amount of the bank's obligations to the depositor insured in accordance with federal law.
Compensation for deposits is paid by the Agency to a bank depositor in the amount of 100 percent of the amount of all his deposits, including interest, but not more than 1.4 million rubles. In total.
For escrow accounts opened for settlements under a real estate purchase and sale transaction and for settlements under an agreement for participation in shared construction, the maximum amount of insurance compensation is 10 million rubles. Reimbursement for escrow accounts is calculated and paid separately from reimbursement for other deposits.
Interest is calculated on the date of the insured event based on the terms of each specific bank deposit (account) agreement.
For bank deposits denominated in foreign currency, the amount of compensation is calculated in the currency of the Russian Federation at the rate established by the Bank of Russia on the day the insured event occurred.
The amounts of the bank's counterclaims to the depositor (for example, for a loan taken by the depositor from the same bank) are deducted when calculating the compensation paid by the Agency from the amount of deposits. At the same time, subtracting the amount of counterclaims does not mean their automatic repayment (full or partial). The depositor's obligations to the bank remain the same and must be fulfilled properly in accordance with the terms of the agreements concluded with the bank.
If the depositor repays the debt to the bank in full or in part, the depositor has the right to receive insurance compensation in the appropriate amount. At the same time, he can send a free-form application to the bank to make appropriate changes to the register of the bank’s obligations to depositors.
You can obtain information about all available methods of loan repayment and pay a loan to a bank whose license to carry out banking operations has been revoked on the Agency’s payment portal: www.payasv.ru.
Payment of insurance compensation
Acceptance of applications from depositors for payment of compensation for deposits and payment of compensation for deposits begin, as a rule, 10–14 calendar days after the occurrence of the insured event. The Agency needs the specified time to receive information from the bank about deposits (register of obligations), verify it and organize payments.
You can apply for payment during the entire period of bank liquidation. On average, the bank liquidation procedure takes about 3 years.
Insurance compensation for depositors who did not have time to apply for payment of insurance compensation is carried out by the Agency upon applications in exceptional cases, for example, in case of serious illness, long-term business trip abroad, or military service.
In order to ensure the fastest possible payment of compensation for deposits, the acceptance from depositors of applications for payment of compensation for deposits (the application form is posted on the Agency’s official website on the Internet) and other necessary documents, as well as the payment of compensation itself, can be carried out by the Agency through agent banks, acting on his behalf and at his expense.
The selection of agent banks is carried out on a competitive basis. The announcement of the results of the selection of agent banks is posted on the Agency’s official website on the Internet no later than 7 days after the occurrence of the insured event.
Payment of compensation for deposits is made within 3 business days from the date the depositor submits to the agent bank an application for payment of compensation for deposits and an identification document. Payment of compensation can be made either in cash or by transferring funds to a bank account opened with the bank specified by the depositor. Payment of compensation for deposits of individual entrepreneurs is carried out only to an account opened for business activities. Payment of compensation for deposits of a small enterprise is made to the bank account of the small enterprise opened with the bank.
The start dates for payments and the name of the agent bank, including the addresses of its offices where insurance compensation can be received, are published on the Agency’s official website on the Internet and in the media.
If the court makes a decision to liquidate the bank, settlements with depositors in the amount exceeding the payment made by the Agency are carried out during the bankruptcy proceedings or forced liquidation carried out by decision of the arbitration court. Such claims of depositors are satisfied as part of the claims of first-priority creditors.
Financial Basics of CERs
To make insurance payments, federal law provides for the formation of a compulsory deposit insurance fund (hereinafter referred to as the Fund). The Fund is formed from insurance premiums of banks - participants of the CER, income from investing temporarily free funds of the Fund, and the property contribution of the Russian Federation.
Insurance premiums are paid by banks participating in the CER on a quarterly basis. The rate of insurance premiums is established by the Agency's Board of Directors. Since the third quarter of 2015, a mechanism for paying contributions at differentiated rates has been introduced. The application of increased rates depends on the maximum interest rates of banks on the deposits they attract and the Bank of Russia’s assessment of their financial situation, including the supervisory response measures introduced by the Bank of Russia.
The procedure and mechanisms for control over the investment of temporarily available funds of the Fund are established by the Government of the Russian Federation. The list of assets permitted for investment is strictly regulated. Data on income from investing the Fund's funds are published in the Agency's annual reports.
The Fund's funds spent on payments are fully or partially returned to the Fund upon satisfaction of the Agency's claims against liquidated banks transferred to it as a result of the payment of insurance compensation to their depositors.
The Fund's funds have a strict purpose and can only be spent on paying compensation for deposits. In order to control the intended expenditure, the Fund’s funds are accounted for in a specially opened Agency account with the Bank of Russia.
The financial stability of the CER is ensured by the Agency's property, and, if necessary, funds from the federal budget, as well as loans provided by the Bank of Russia.
Deposit Insurance Law
Glossary of basic terms
Deposit Insurance Agency (DIA)– a non-profit organization created by the state to provide work Deposit insurance systems (DIS) and protection of interests investors. The DIA operates on the basis of the Federal Law of December 23, 2003 No. 177-FZ “On insurance of deposits in banks of the Russian Federation” (Federal Law No. 177-FZ). The organizational and legal form of DIA is a state corporation. It is the DIA that organizes the payment of compensation to individuals and legal entities for deposits, insurance of which is carried out in accordance with Federal Law No. 177-FZ, from funds compulsory deposit insurance fund.
The bank is a participant of the SSV– a credit institution that has the right to attract funds from the public in deposits. The bank must pay insurance premiums V Mandatory Deposit Insurance Fund; inform depositors about their participation in the cash reserves, about the procedure and amount of receiving compensation for deposits; keep records of the bank's obligations to depositors.
Contribution– funds placed by investors in banks - participants of the CER on the territory of the Russian Federation on the basis of a bank deposit agreement or a bank account agreement. The concept of “deposit” includes capitalized (accrued) interest on the deposit amount. Deposits in both rubles and foreign currency are subject to insurance protection. The exclusion of certain types of monetary obligations from insurance is established by law. In particular, the following are not subject to insurance: funds placed in bank accounts (deposits) of lawyers, notaries and other persons opened for professional activities; deposits, the making of which is certified by a certificate of deposit; funds transferred to banks for trust management; deposits in branches of Russian banks located abroad; electronic money; funds placed on nominal accounts, with the exception of nominal accounts that are opened for guardians or trustees and the beneficiaries of which are wards, collateral accounts and escrow accounts, unless otherwise established Federal Law No. 177-FZ; funds placed in subordinated deposits; funds placed by legal entities or in their favor, with the exception of funds placed by small enterprises or in their favor. In addition, deposits that are not denominated in monetary units (for example, in grams of precious metals) are not subject to insurance.
Investor– a citizen of the Russian Federation, a foreign citizen, a stateless person, including those engaged in entrepreneurial activities, or a legal entity classified in accordance with the legislation of the Russian Federation as a small enterprise, information about which is contained in the unified register of small and medium-sized businesses, maintained by in accordance with the Federal Law of July 24, 2007 No. 209 - Federal Law “On the Development of Small and Medium-Sized Enterprises in the Russian Federation”, having concluded a banking agreement with the bank contribution or bank account agreement. The investor is entitled by law to receive insurance compensation in the bank in respect of which the insurance case. In order to exercise this right, to an individual depositor It is enough to submit a corresponding application and a document proving his identity. Counterclaims– monetary obligations investor to the bank (balance of debt on a loan, overdraft, etc.). Counterclaims reduce the amount of obligations upon settlement insurance compensation. Payment of insurance compensation does not automatically terminate (offset) counterclaims.
Register of banks – participants of the CER– list of banks, deposits in which they are insured in accordance with Federal Law No. 177-FZ. The register is maintained by the DIA. It is available for review on the official website of the DIA on the Internet. If the bank has a insurance case, then it is subject to exclusion from the register after the DIA completes bankruptcy (liquidation) procedures of the bank.
Register of bank liabilities– a list of the bank’s obligations to depositors and counterclaims bank to to investors, on the basis of which payment is made insurance compensation. Contains information: about investors; O contributions and about counterclaims bank to to the investor.
Deposit Insurance System (DIS)– a special state program implemented in accordance with the Federal Law “On Insurance of Deposits in Banks of the Russian Federation”. Its main task is to protect the population’s savings placed in Russian banks. SSV allows to investors upon the occurrence of an insured event, receive compensation for deposits within the maximum amount of insurance compensation established by law. The deposit insurance mechanism is as simple as possible and does not require any preliminary actions from the depositor: deposits and accounts of individuals and legal entities in the participating bank of the CER, subject to insurance in accordance with Federal Law No. 177-FZ, are insured “automatically” from the moment the funds are placed in the bank on the basis of a bank deposit/account agreement.
Insurance compensation (reimbursement for deposit/deposits)– amount of money to be paid to the investor upon arrival insured event. It is established based on the amount of the bank’s obligations to investor minus counterclaims jar.
Compensation for deposits is paid in the amount of 100% of the amount of all deposits in the bank, but not more than the maximum amount of insurance compensation established by law. The deposit amount includes both the amount of funds contributed by the depositor and capitalized (accrued) interest on the deposit. Insurance compensation is paid in rubles within three working days after the depositor (his representative, heir, legal successor) submits an application for payment and the necessary documents (identity document, power of attorney, document on the right of inheritance), but not earlier than 14 working days days from the date of occurrence of the insured event, unless an earlier period is determined by a decision of the DIA Board. Deposits in foreign currency are converted into rubles at the Bank of Russia exchange rate on the date of insured event.
Maximum amount of insurance compensation– a legal limit on the total amount of compensation for deposits paid to one depositor in one bank. Starting from December 30, 2014, the maximum amount of insurance compensation is 1.4 million rubles. In previous periods of operation, the CIC was set equal to 100,000, 190,000, 400,000, 700,000 rubles, depending on the date of occurrence of the insured event. For certain types of accounts ( escrow accounts opened for settlements under a real estate purchase and sale transaction, and escrow accounts opened for settlements under an agreement for participation in shared construction) the maximum amount of insurance compensation is 10 million rubles.
Insurance case– revocation (cancellation) from bank - participant of the CER licenses of the Bank of Russia to carry out banking operations or the introduction by the Bank of Russia of a moratorium on satisfying the claims of the bank’s creditors.
Bank insurance premiums– quarterly contributions from participating banks to the compulsory deposit insurance fund. From July 1, 2015, differentiated insurance premium rates were introduced: basic, additional and increased additional.
Mandatory Deposit Insurance Fund – financial basis of the CER. The fund consists of the property contribution of the Russian Federation, insurance premiums of banks participating in the DIC, income from the placement of fund funds in government and corporate securities, cash and property received from satisfying the rights of claim of the DIA, acquired as a result of paying them compensation for deposits. The Fund's funds are used for payments insurance compensation for deposits and other purposes established by federal laws.
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.