What the deposit insurance system in the Russian Federation guarantees to depositors

Cases when banks cease their activities are not uncommon. During the crisis in the late 1990s, hundreds of financial institutions went bankrupt. This happens in our time, in January 2015, the licenses were already revoked from two banks. By placing deposits, investors fear for the safety of their own funds. To ensure that clients are confident that deposits will not be lost, Russia has a DIS system - a deposit insurance system.

What the deposit insurance system in the Russian Federation guarantees to depositors

The deposit insurance system for individuals guarantees that in the event of an insured event, the depositor will receive the money back with accrued interest. The state recognizes as an insured event the termination of the bank's activities due to:

• revocation of the banking license of the Central Bank of the Russian Federation;
• a ban on satisfying the claims of other creditors, in other words, bankruptcy or other major financial difficulties.

The depositor in these situations is entitled to insurance equal to the amount of the deposit. If the funds were placed on the condition of capitalization, then the amount of interest already accrued will also be reimbursed by the system of compulsory deposit insurance. True, there are several restrictions:

1. The maximum insurance amount is 1,400,000 rubles. This amount was established in December 2015, before that up to 700,000 rubles were reimbursed. This restriction applies to the deposit and accrued interest in the aggregate.
2. If the depositor has placed several deposits, the maximum payout amount does not change. If the aggregate of deposits exceeds 1,400,000 rubles, only this amount will be reimbursed, possibly in parts, in proportion to the size of the deposits.
3. Deposits in different branches of the same financial institution are considered to be deposits in the same bank. They are also subject to a maximum payout limit.
4. Insurance is calculated on the day of the insured event. This also applies to the accrual of capitalized interest, and the conversion of foreign currency accounts into rubles. Recalculation is carried out at the rate of the Central Bank of the Russian Federation.
5. The banks that won the tender from the register of participants in the deposit insurance system make payments upon application in cash or by bank transfer. The affected depositor's account for the transfer must be in any financial institution included in the deposit insurance registry.
6. Getting cash from the bank is not available to residents. They can rely on the amount of their deposits either to a bank account or by postal order if there are no banks participating in the DIS in the city of residence.
7. Deposits in precious metals are not insured.

Banks participating in the deposit insurance system

• contributes to greater confidence in financial institutions on the part of depositors, which in the long term develops the banking system in Russia;
• prevents panic when banking licenses are canceled and reduces crises in such situations, which has a positive effect on the economy as a whole.

During the existence of the deposit insurance system, the list of banks with which insured events have occurred has steadily grown. Former clients of 218 financial institutions have already had the opportunity to return their funds. Payments since the establishment of the DIA amounted to more than 379 billion rubles.

Which institutions are included in the deposit insurance system? The register of banks is constantly growing. At the beginning of 2015, it included 859 banks. Almost all financial institutions are members of the deposit insurance system, including Sberbank of Russia, Gazprombank, VTB 24, Bank Trust. The deposit insurance system guarantees the clients of these financial institutions the return of funds in insured events.

Participation in the deposit insurance system is mandatory for all banks that attract funds from individuals. Participating in DIS, the bank makes quarterly contributions to the Insurance Fund in the amount of 0.1% of the average amount of deposits in this quarter.

1. Having chosen an organization to place a deposit, you need to make sure of its reliability. Many microfinance organizations and credit cooperatives attract people's money at interest, but are not banks, and therefore are not included in the CER. The website of the deposit insurance system provides a complete register of participants in the deposit insurance system, which is constantly updated.
2. If, when contacting a client, they are informed of financial difficulties, suspension of the organization's activities, the deposit insurance system will return it with interest. The official website of the DIA in the coming days will post information about the occurrence of an insured event and the announcement of a tender for agent banks.
3. Within 2 weeks DIA selects agent banks. These are the members of the deposit insurance system who will be entrusted with the role of an intermediary in the return of depositors' funds. The choice and conditions of compensation are also reported on the official website of the DIA. These are usually the largest banks in the deposit insurance system. , having a wide representative network.
4. The client applies to the agent bank with a passport. He writes an application for insurance payment. By law, the agent bank has 3 days for this, in practice, the settlement is often carried out on the same day.
5. A deposit agreement will be required if the client does not agree with the amount of compensation.
6. If the client, in addition to the deposit, had an outstanding loan, the reimbursement may be reduced by its amount.
7. The heirs or trustees of the depositor can apply for insurance. In these cases, they need to provide documents for the right to inherit or a power of attorney (notarized for payments of more than 1000 rubles).
8. You can apply for a refund of invested funds while a participant in the compulsory deposit insurance system is being liquidated. Usually it is at least one and a half to two years.