Guaranteed deposits of individuals
The Deposit Guarantee Fund for Individuals is an institution that ensures the return of deposits in the event of bank liquidation. The organization acts on behalf of the state, refunds in the number of bank deposits, including interest.
What is the Deposit Guarantee Fund, its purpose
When a bank violates the rules of work, the size of its assets falls below the level established by law and the National Bank enters the institution into the register of problem organizations. If the situation does not improve within six months, the enterprise license is revoked and the liquidation procedure falls on the shoulders of the current management.
The conditions for guaranteeing deposits include the formation of a register of depositors for 30 days. Information is transmitted to the Deposit Guarantee Fund for Individuals. Compensation amounts correspond to the size of the deposit with interest, but cannot exceed the established limit. Today its size is 200 thousand. UAH. Payments are made through a bank selected by the Fund as an agent, and only in case clients have filled out the application.
What guarantees does the Deposit Guarantee Fund provide?
Guaranteeing deposits of individuals provides:
payment of the deposit with interest accrued at the time of the adoption by the National Bank of the decision on the liquidation of the institution;
the amount of compensation depends on the total size of the deposit in one bank, does not exceed 200 thousand UAH;
compensation is paid in hryvnias, foreign currency deposits are compensated based on the rate of the National Bank.
Information about the beginning of payments, data for each bank is on the official website of the Fund. Also, on it you can find out exactly where you can get the money.
Deposit Refund Terms
To receive compensation, you must provide:
- identification code,
- deposit agreement.
The deposit guarantee procedure provides for the priority issue of compensation to those whose contract has already expired. After that, other customers receive compensation. Only after payment of compensation to such depositors is it repaid other credit obligations of a financial institution.