## Questions and answers on the procedure for calculating the amount of the guarantee compensation

Answer: The new changes affected only savings deposits in tenge. This is a special, new type of deposit, which became available to the public since October 2018. Savings deposits are opened for a certain period and have special conditions: in case of early withdrawal of the deposit, the depositor must notify the bank of his/her intention 30 calendar days in advance, while interest is paid in the amount established for the demand deposit (no more than 0.1%). We note that the savings deposit is the most profitable among other types of deposits, the maximum yield on it can reach 14.9% per annum.

Savings deposits with terms of 3, 6, 12 and more than 12 months are now available on the market. The depositor has the right to choose any convenient term of the contract.

Answer: The guarantee of the KDIF in the amount of 20 million tenge applies to all currently operating savings deposits in tenge opened in banks participating in the deposit guarantee system, both before and after 11 January 2022.

Answer: The maximum amount of the guarantee depends on the type and currency of the deposit. For other types of deposits, the maximum amounts of guaranteed compensation remained unchanged:

• 10 million tenge – on other deposits in tenge, except savings, including card and current accounts;
• 5 million tenge – on deposits in foreign currency.

Answer: The total amount of the guaranteed compensation is paid for several types of depositor’s deposits opened in one bank, and is calculated taking into account the limits of the maximum amount of the guaranteed compensation established for each type of deposit separately.

Example 1: If the depositor has two savings deposits in tenge in the bank for a total amount of 22 million tenge.

Answer: In this case, the total amount of the guarantee compensation will be 20 million tenge.

Example 2: If the depositor has three different types of deposits in the bank: a savings deposit in tenge in the amount of 5 million tenge, a non-term deposit in tenge in the amount of 10 million tenge and a deposit in foreign currency in the amount equivalent to 5 million tenge.

Answer: In this case, the amount of the total guaranteed compensation will amount to 20 million tenge.

Example 3: If a depositor has 15 million tenge in a regular (non-savings) deposit in tenge, and he opened a savings deposit in tenge in the same bank for a minimum amount – for example, 1,000 tenge – then the total amount of the guarantee will increase to 20 million tenge?

Answer: No, in the case under consideration, the amount to be received will be 10,001,000 tenge. 5 million tenge for a regular deposit is not subject to guarantee, since they exceed the limit of 10 million tenge established by law for other deposits in tenge, except savings.

Example 4: The depositor has three deposits in one bank: one universal (non-term in tenge), which is often replenished and withdrawn as needed. On this account, an average of 500 thousand tenge. The second is a savings deposit in tenge of 14 million tenge and in foreign currency – 13 thousand dollars. If an insured event occurs, how will the total amount of the guarantee compensation be calculated?

Answer: The total amount of the guaranteed compensation is calculated taking into account the limits of the maximum amount of the guaranteed compensation established for each type of deposit separately:

• 20 million tenge – on savings deposits (deposits) in tenge;
• 10 million tenge – on other deposits in tenge, except savings;
• 5 million tenge – on deposits in foreign currency.

Payment of guaranteed compensation for guaranteed deposits is made in the national currency of the Republic of Kazakhstan. To calculate the guaranteed compensation for deposits in foreign currency, the market exchange rate determined on the date of withdrawal of the participant bank’s license to conduct all banking operations shall apply.

In relation to this case, the depositor will receive a total amount of guaranteed compensation in the amount of 19, 500, 000 tenge: 14 million tenge – on a savings deposit in tenge, 500 thousand tenge – on a non-term deposit in tenge, as well as on a foreign currency account – 5 million tenge (since 13 thousand US dollars at the exchange rate is more than 5 million tenge).

Example 5: If the depositor has two different non-savings deposits in the bank: a non-term deposit in tenge in the amount of 16 million tenge and a deposit in foreign currency in the amount equivalent to 6 million tenge.

Answer: In this case, the total amount of guaranteed compensation will be 15 million tenge: for a non-term deposit in tenge – 10 million tenge and for a deposit in foreign currency – 5 million tenge. Since the total amount of the guaranteed compensation is calculated taking into account the limits of the maximum amount of the guaranteed compensation established for each type of deposit separately.

Answer: Starting from 1 January 2020, the deposit fee accrued on the date of the bank’s license withdrawal is covered by the KDIF guarantee. It is not recommended to open a savings deposit in tenge for exactly 20 million tenge, because for the period for which it is opened, interest is accrued and upon the occurrence of an insured event, the deposit amount, taking into account accrued interest, will exceed 20 million tenge.

Answer: The new amount of the guarantee for savings deposits, as well as the total amount of the guaranteed compensation, applies to new insurance cases, i.e. in case the bank is deprived of its license after 11 January 2022 (the date of the law’s entry into force).

Answer: To date, KDIF continues to make payments to depositors of 9 banks that were deprived of their licenses for conducting all banking operations and are in the process of compulsory liquidation. These are: Valuyt-Transit Bank JSC, Kazinvestbank JSC, Delta Bank JSC, Bank of Astana JSC, Qazaq Banki JSC, Eximbank Kazakhstan JSC, Tengri Bank JSC, AsiaCredit Bank JSC and Capital Bank Kazakhstan JSC. For all banks, depositors have already taken the bulk of the amount of the guaranteed compensation due. For example, according to Capital Bank Kazakhstan JSC, which was deprived of its license on 26 June last year, KDIF has already paid 91% of the total amount of guaranteed compensation to depositors. According to Bank of Astana JSC, depositors who had the largest amounts of guaranteed compensation (more than 37.5 billion tenge) have already been paid 99% of this amount. Detailed information on payments is available online on the KDIF website: https://kdif.kz/likvidiruemye-banki/table/

Answer: The maximum amounts of guaranteed compensation for these banks, which were valid in the law on the date of the insured event, remain unchanged:

• Valuyt-Transit Bank JSC – KZT 5 million for all types of deposits;

• Kazinvestbank JSC and Delta Bank JSC – KZT 5 million on deposits in foreign currency and KZT 10 million on deposits in tenge (the total amount of compensation is KZT 10 million);

• Qazaq Banki JSC, Bank of Astana JSC, Eximbank Kazakhstan JSC – 5 million tenge on deposits in foreign currency and 10 million tenge on deposits in tenge (the total amount of compensation is 15 million tenge). We note that these banks did not attract savings deposits in tenge, the maximum amount of guaranteed compensation for which was 15 million tenge;

• Tengri Bank JSC, AsiaCredit Bank JSC and Capital Bank Kazakhstan JSC – 5 million tenge on deposits in foreign currency, 10 million tenge on deposits in tenge and 15 million tenge on savings deposits in tenge (the total amount of compensation is 15 million tenge).

Almaty

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