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 / RLA / 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 revocation of its license to conduct all banking operations, deposits in tenge and foreign currency held in bank accounts and certified by bank account and (or) bank deposit agreements, and remuneration for such deposits accrued on the date of revocation of the participating bank's license to carrying out all banking operations, within the limits of the amounts of guarantee compensation provided for by this Law.

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, and defines the legal basis for the functioning of the mandatory deposit guarantee system placed in second-tier banks of the Republic of Kazakhstan (branches of non-resident banks of the Republic of Kazakhstan), with the exception of interest-free demand deposits and investment deposits placed in Islamic banks (branches of non-resident Islamic banks of the Republic of Kazakhstan), the procedure for establishing and operating an organization that provides mandatory deposit insurance, the 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, as well as other issues of mutual relations between the participants of the system.

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