Joint Stock Company “Kazakhstan Deposit Insurance Fund”

 

Kazakhstan Deposit Insurance Fund (KDIF) was established by the Resolution of the National Bank of Kazakhstan No. 393 “On incorporation of Kazakhstan Individuals’ Deposit Guarantee (Insurance) Fund” dated 15 November 1999  as a 100% subsidiary organization of the National Bank.

The Mission of KDIF is to provide assistance in safeguarding stability of the financial system, to protect the rights and lawful interests of depositors of second-tier banks in the Republic of Kazakhstan following revocation of a deposit insurance system member bank’s license to conduct all banking operations.

The main functions

To accomplish the main tasks, the KDIF fulfills the following functions:

• conducts payouts to reimburse depositors in accordance with the requirements of the Law of the Republic of Kazakhstan “On Mandatory Insurance of Deposits Placed in Second-Tier Banks of the Republic of Kazakhstan” (hereinafter referred to as the Law),
• maintains Deposit Insurance System Member Banks Register,
• engages in the simultaneous transfer of assets and liabilities of a bank to another bank (other banks) in the case provided by Article 16 of the law On Mandatory Insurance of Deposits,
• invests the assets,
• accumulates special reserve,
• establishes the requirements for agent banks in the manner determined by the Fund's management body,
• approves a preliminary list of agent banks for payout in the manner determined by the Fund's management body,
• engages in temporary administration office on bank management designated during the period of conservation of a member bank,
• engages in temporary administration office designated during the period of revocation of a member bank’s license to conduct all banking operations,
• engages in liquidation commission of member bank in forced liquidation (or of a forcibly terminated branch of a non-resident bank of Kazakhstan, shall this be the case) up to the date of repayment of KDIF’s claim in the amount of deposit insurance coverage payout, either accomplished or in progress,
• engages in creditor committee of member bank in forced liquidation (or of a forcibly terminated branch of a non-resident bank of Kazakhstan) up to the date of repayment of KDIF’s claim in the amount of deposit insurance coverage payout, either accomplished or in progress.

 

The banking products subject to deposit insurance

The obligations of a deposit insurance system member bank towards its depositors (the individuals) in the event of revocation of the bank’s license to conduct all banking operations shall be subject to deposit insurance, particularly the deposits of individuals in tenge and foreign currency held in bank accounts and certified by bank account and (or) bank deposit agreements, including the interest accrued as of the date of revocation of member bank’s license to conduct all banking operations.

The maximum coverage limit per depositor per member bank is:

• up to 20 million tenge on saving deposits in national currency,
• up to 10 million tenge on other deposits in national currency,
• up to 5 million tenge on deposits in foreign currency.

 

If a depositor has multiple insured deposits with the same member bank which are different in type and currency, such depositor shall be reimbursed within the maximum coverage limit for each type of deposit separately, within the cumulative limit of twenty million tenge.

Chairman: Adil Utembayev

Contact information
Phone: +7 (727) 312-24-49
e-mail: info@kdif.kz 
Website: www.kdif.kz
A05B0Y8, Republic of Kazakhstan, Almaty, 67 Aiteke bi str.

 

Consultation is available to the bank depositors via Call Center 1460 (calls from landlines and mobile phones in Kazakhstan are free of charge), via the messenger on KDIF’s website www.kdif.kz, via Telegram @kdif_ask and KDIF's official pages on Facebook and Instagram deposit.kz, as well as via email info@kdif.kz.