Article 19. Depositors' rights to guarantee compensation The Law on Mandatory guarantee of deposits placed in second-tier banks of the Republic of Kazakhstan

Home / RLA / Article 19. Depositors' rights to guarantee compensation The Law on Mandatory guarantee of deposits placed in second-tier banks of the Republic of Kazakhstan

1. The depositor has the right to receive a guaranteed refund for the guaranteed deposit in the amount, procedure and terms established by this Law.

2. Excluded by the Law of the Republic of Kazakhstan dated 04/27/2015 No. 311-V (effective ten calendar days after the date of its first official publication).

3. When a depositor opens deposits in several participating banks, the organization providing mandatory deposit guarantee pays out the guarantee refund separately for each participating bank.

4. Excluded by the Law of the Republic of Kazakhstan dated 07/03/2019 No. 262-VI (effective from 01/01/2020).

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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