In the context of the economic crisis, the issue of state protection of deposits of the population has become urgent. In Russia, a deposit guarantee fund operates for this purpose.
Deposit insurance system
Deposit insurance in one form or another exists in most countries of the world. These are mainly state funds, because the effectiveness of private funds in times of crisis may be low.
In Russia, the deposit guarantee fund operates on the basis of the Federal Law "On Insurance of Individuals' Deposits with Banks of the Russian Federation" No. 177-FZ dated 12.23.2003. Article 6 of this normative act says about the mandatory participation of each bank in the deposit protection system. In fact, only after registration in the system does the bank receive the legal right to accept funds for deposits with the population.
How is the system organized? The Deposit Guarantee Fund records a financial institution in its database. After that, the bank pays insurance payments to the fund in the time period established by law or an agreement with the fund, the amount of which depends on the amount of deposit funds attracted for a certain period of time. For loyalty on the part of the population, information about the bank's participation in the state deposit insurance system is placed in each bank branch. Special divisions of the bank must constantly monitor all the obligations of the bank to prevent failures in meeting the deadlines for fulfilling obligations.
Individual Deposit Guarantee Fund works for people
The essence of the fund is that the investor must be confident in the return of his money under any circumstances. Otherwise, it should not be, because people will not trust the banking system. Decisions of the Cabinet of Ministers establish the maximum amount of insurance payment. At the moment, we are talking about 1,400,000 rubles.
Article 8 of the Federal Law specifies situations in the occurrence of which we can talk about an insured event. This is a recall by the Bank of Russia of a license from a financial institution in which a person has a deposit. An insured event also occurs when the Central Bank of the Russian Federation introduces a moratorium (ban) on a particular bank on payments to creditors of the bank, which are depositors.
A client of a bankrupt bank may apply to the deposit guarantee fund immediately upon the occurrence of an insured event. Of course, documents are provided confirming the details of the depositor and the person’s presence of a deposit in a particular bank (passport and agreement). Further, the fund considers the issue of assigning compensation to a person and pays it through a specially defined bank.
How many banks are involved in the fund?
The participation of banks in the fund is required! According to the statistics service, 862 banks pay contributions to the fund. These are almost all financial institutions operating in the state.
The list of banks of the deposit guarantee fund can be found on the websites of the Central Bank of the Russian Federation and the fund. Before you transfer the money to the bank, you need to check whether the selected institution is included in the list of members of the fund. Better to protect yourself! The task of each state is to take care of the welfare of its citizens. The work of the guarantee fund is aimed precisely at this. In case of bank liquidation, its depositors are confident that the invested funds will be returned, that is, people will not have financial losses.
