Article 17. Objects of mandatory deposit guarantee Chapter 5. OBJECTS OF MANDATORY DEPOSIT GUARANTEE. THE AMOUNT AND PROCEDURE FOR PAYMENT OF THE GUARANTEE COMPENSATION OF the Law ON Mandatory Guarantee of Deposits placed in Second-tier banks of the Republic of Kazakhstan

Home / Laws / Article 17. Objects of mandatory deposit guarantee Chapter 5. OBJECTS OF MANDATORY DEPOSIT GUARANTEE. THE AMOUNT AND PROCEDURE FOR PAYMENT OF THE GUARANTEE COMPENSATION OF the Law ON Mandatory Guarantee of Deposits placed in Second-tier banks of the Republic of Kazakhstan

Article 17. Objects of mandatory deposit guarantee Chapter 5. OBJECTS OF MANDATORY DEPOSIT GUARANTEE. THE AMOUNT AND PROCEDURE FOR PAYMENT OF THE GUARANTEE COMPENSATION OF the Law ON Mandatory Guarantee of Deposits placed in Second-tier banks of the Republic of Kazakhstan

The objects of mandatory deposit guarantee are the obligations of the participating bank to refund to depositors, in case of withdrawal of its banking license for all types of operations, deposits in national and foreign currencies held in bank accounts and certified by bank account and (or) bank deposit agreements, and remuneration for such deposits accrued on the date of withdrawal of the participating bank's banking license. licenses for all types of operations.

Depositors' deposits, whose claims are transferred to legal entities and local executive bodies, are not subject to mandatory deposit guarantees.

The Law of the Republic of Kazakhstan dated July 7, 2006 No. 169-III.

This Law is aimed at protecting the rights of depositors – individuals, including individual business entities, private notaries, private bailiffs, lawyers and professional mediators, and defines the legal basis for the functioning of the mandatory deposit guarantee system placed in second-tier banks of the Republic of Kazakhstan (bank branches – non–residents of the Republic of Kazakhstan), with the exception of Islamic bank deposits and money in bank accounts raised as part of Islamic banking operations, as well as the procedure for establishing and operating an organization that provides mandatory deposit guarantee, participation of second-tier banks of the Republic of Kazakhstan (branches of non-resident banks of the Republic of Kazakhstan) in the mandatory deposit guarantee system and other issues of mutual relations between participants systems.

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