The Bank hereby informs its personal customers with whom it has concluded a bank account and/or bank deposit agreement (hereinafter referred to as – the depositors) of the introduction of a new procedure for payment of the guarantee compensation in the event that the Bank is deprived of its license to conduct all banking operations.
The new procedure for payment of the guarantee compensation shall apply to the depositors:
with whom the Bank has concluded bank account and/or bank deposit agreements after 30 April 2021, and
for whom the validity term of the previously concluded bank account and/or bank deposit agreements was extended for another term from 1 May 2021.
The new procedure for payment of the guarantee compensation provides two ways of obtaining the guarantee compensation by the depositors: (1) in the agent bank and (2) electronically via the electronic payment portal of Kazakhstan Deposit Insurance Fund JSC (hereinafter referred to as – the KDIF) or the web portal of the “electronic government”. In this case, the period of payment of the guarantee compensation shall be restricted to one year from the date of commencement of payment.
The KDIF will inform the depositors of the date of commencement of guarantee compensation payments, specifying the list of agent banks, the period and places of payments, within thirty-five working days from the date of withdrawal of the Bank’s license to conduct all banking operations.
If the depositors do not apply for obtaining the guarantee compensation after one year from the date of commencement of payments, the KFGD will transfer the amounts not being claimed by them to their accounts in the Unified Accumulative Pension Fund as voluntary pension contributions.
You may familiarize with the full text of the notification of a new procedure for the payment of guarantee compensation by following the link below: Notification
The new procedure for payment of the guarantee compensation will be applied to the guarantee compensation payments for deposits of the banks whose licenses to conduct all banking operations have been withdrawn after May 1, 2021, as well as the banks, for the deposits of which the guarantee compensation payment is being made and for which the expiry date of the guarantee compensation payment is set until May 1, 2022.
The maximum amount of the payable guarantee compensation is:
20 million tenge for savings deposits (deposits) in national currency;
10 million tenge for cards, accounts and other deposits in national currency;
5 million tenge for cards, accounts and deposits in foreign currency (equivalent to the exchange rate at the date of withdrawal of the bank’s license).
For additional information related to the issues on deposit guarantee, including the procedure for obtaining guarantee compensation, the depositors may contact the bank’s specialists by dialing the cell-phone number +77273565777 or contact directly the KDIF’s by dialing the call center’s number – 1460.
JSC "Altyn Bank" is a participant in the system of mandatory collective guarantee (insurance) of deposits of individuals of the Republic of Kazakhstan, in support of which the Bank was issued a certificate dated July 17, 2018 No. 14. All deposits placed with JSC "Altyn Bank" are insured by KDIF.
The KDIF guarantee applies to:
- deposits (deposits), including demand and conditional, as well as remuneration on such deposits accrued on the date of deprivation of the participating bank’s license to conduct all banking operations;
- money on current accounts and payment cards.
If a participating bank is deprived of its license to conduct all banking operations, the owner of a bank account, card and (or) deposit has the right to receive a guarantee compensation for it (for them) in national currency within the maximum amount of the guarantee compensation.
The state maximum amount of guarantee compensation for all deposits and bank accounts per depositor is:
20 million tenge on savings deposits in national currency;
10 million tenge for cards, accounts and other deposits in national currency;
5 million tenge for cards, accounts and deposits in foreign currency (in equivalent at the exchange rate established on the date of deprivation of the bank’s license).
If a depositor has several different types of guaranteed deposits in the bank, KDIF pays the total guarantee amount for them within the maximum limits established for each type of deposit separately, but not more than 20 million tenge.
The depositor has the right to receive the balance of the deposit exceeding the maximum amount of guarantee compensation from the liquidation commission of the bank in the order of priority established by the Law of the Republic of Kazakhstan “On Banks and Banking Activities in the Republic of Kazakhstan”
Answer: The total amount of guarantee compensation is paid for several types of deposits of a depositor opened in one bank, and is calculated taking into account the limits of the maximum amount of guarantee compensation established for each type of deposit separately.
Example 1: If a depositor has three savings deposits in tenge in a bank for a total amount of 32 million tenge.
Answer: In this case, the total amount of guarantee compensation will be 20 million tenge. The remaining amount of 12 million tenge can be received on a first-come, first-served basis from the bank’s liquidation commission. More detailed information is available at https://www.kdif.kz/
Example 2: If a depositor has three different types of deposits in a bank: a savings deposit in tenge in the amount of 5 million tenge, a time 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 guarantee compensation will be 20 million tenge.
Example 3: If a depositor has a time deposit in tenge in the amount of 15 million tenge, and an additional savings deposit in tenge for a minimum amount of 10,000 tenge, then the total guarantee amount will be 15,010,000 tenge?
Answer: No, in the case under consideration, the amount receivable will be 10,010,000 tenge. 15 million tenge on a term deposit are not subject to full guarantee, since they exceed the limit of 10 million tenge. The remaining amount of 5 million tenge can be received on a first-come, first-served basis from the bank’s liquidation commission. More detailed information is available at https://www.kdif.kz/
Example 4: If the depositor has a time deposit in the amount of 10 million tenge, including the amount of accumulated interest and the balance on the payment card in foreign currency equivalent to 9 million tenge. If an insured event occurs, how will the total amount of warranty compensation be calculated?
Answer: In this case, the amount of the total guarantee compensation will be 15 million tenge: for a time deposit - 10 million tenge, for the balance on a payment card in foreign currency - 5 million tenge (the balance on a payment card in foreign currency equivalent to 9 million tenge is not subject to guarantee in full, since they exceed the limit - 5 million tenge). The remaining amount of 4 million tenge can be received on a first-come, first-served basis from the bank’s liquidation commission. More detailed information is available at https://www.kdif.kz/
Example 5: If a depositor has two different types of deposits in a bank and money in a current account: a savings deposit in tenge in the amount of 6 million tenge, a deposit in foreign currency in an amount equivalent to 7 million tenge and money in a current account in the amount of 2 million. tenge
Answer: In this case, the amount of the total guarantee compensation will be 13 million tenge: for a savings deposit - 6 million tenge, for a deposit in foreign currency - 5 million tenge (7 million tenge for a deposit in foreign currency are not subject to a guarantee in full, since they exceed the limit - 5 million tenge) and on the current account 2 million tenge. The remaining amount of 2 million tenge can be received on a first-come, first-served basis from the bank’s liquidation commission. More detailed information is available at https://www.kdif.kz/
Yes. In the event of bank liquidation, you will be paid the deposit amount along with remuneration, within the maximum guaranteed amount:
- Up to 20 million tenge – for savings deposits in national currency;
- Up to 10 million tenge - for other deposits in national currency, except savings;
- Up to 5 million tenge – for deposits in foreign currency.
Yes. Even if you do not have deposits in the bank, the KDIF guarantee applies to money placed on current accounts and payment cards in the following amount:
- Up to 10 million tenge on current accounts and payment cards in national currency;
- Up to 5 million tenge on current accounts and payment cards in foreign currency (in equivalent at the exchange rate established on the date of deprivation of the bank’s license).
You can check the list of banks that are participants in the mandatory deposit guarantee system on the website https://www.kdif.kz/depozity-i-garantiya/banks/
The KDIF guarantee does not apply to:
- metal accounts of individuals;
- money and valuables placed in safe deposit boxes;
- certificates of deposit;
- deposits of legal entities;
- deposits placed in Islamic banks, including branches of foreign Islamic banks opened in Kazakhstan.
Payment of compensation begins no later than 35 working days from the date of deprivation of the bank’s license. Money is paid according to depositors' applications. Applications for payment of warranty compensation are accepted within 1 year from the start date of payment. More detailed information is available at https://www.kdif.kz/depozity-i-garantiya/vyplata-vozmeshcheniya/