Deposits remain one of the most popular and safest options for saving and increasing funds. First of all, this applies to individuals. That is, ordinary citizens who do not have the opportunity to open a business or to receive income in some other way.
Despite the fact that deposits are considered one of the safest investment options, some risk is inherent in them. Events taking place in the world can negatively affect the economy of any state, destabilizing it. If the negative impact turns out to be excessively high, banks will be at risk along with funds placed on their deposits.
In order to protect the population from possible financial losses, in Russia there is a system of insurance of deposits of individuals that performs the corresponding tasks. The appearance of this has made this type of banking services even more reliable and attractive.
Definition
Deposit insurance It is an event designed to protect their owners from loss of funds in the event of termination of the bank in which they were placed. During this procedure, monetary obligations are determined that the deposit insurance system will have to fulfill before depositors in the event of an insured event.
In addition to determining monetary obligations, the composition of the event includes their fulfillment (that is, making the appropriate payments) and its control in cases requiring such actions (insurance events).
Destination
The main purpose of insurance is compensation for damage that may be caused to citizens upon termination of the activities of a bank. The financial sector is developing quite dynamically, and the number of institutions attracting the capital of citizens is large today. This feature, combined with the instability observed during the crisis, creates a certain risk.
This is associated not only with the possibility of bankruptcy of small banks, incapable of effectively combating the negative consequences of the crisis and other phenomena. Increasing the number of banks complicates control, creating the risk of fraud. Thus, the system of insurance of deposits of individuals provides reliable protection of funds belonging to citizens in two directions.
Insurance system
In order for the effectiveness of this protection measure to be sufficient, the creation of a special structure was required. This was the deposit insurance system. Issues related to the legislative regulation of its functioning were resolved at the federal level.
The state has developed the necessary laws and regulations, determined the requirements for the participants in the system and other conditions for its functioning. In addition, deposit insurance has become mandatory for all banks using this method of attracting capital of individuals.
Members
Participants of the deposit insurance system in the broad sense are all persons or organizations having any relation to its functioning. That is, deposit insurance agencies, agent banks, a fund, commercial banks in which deposits are subject to insurance, relevant officials and depositors themselves.
In a narrow sense, these are banks, the placement of deposits in which is accompanied by insurance.They undergo a series of inspections, assume appropriate obligations and are included in the system, after which they begin to appear in the registry. This is duplicated on the official website of the agency, in the public domain.
Fund
In the event of an insured event, the agency undertakes to pay the depositors cash in the prescribed amount. In order for these payments to be made as quickly as possible, a special fund has been formed. Due to its existence, the deposit insurance system has the financial resources necessary to pay money to depositors in full and in the shortest possible time.
The main source from which this fund is formed is the payment of insurance premiums by participating banks. This becomes mandatory from the date of inclusion in the insurance system. Fund replenishment is possible in other ways, but they should not be prohibited by law.
Regulation
The state has approved the relevant federal law, according to which there is regulation of activities, which is implemented by the deposit insurance system. The register of banks included in it is an official document, according to which those assume all relevant obligations.
The powers related to the implementation of the system and its control are fully vested in the deposit insurance agency. It is subordinate to the state and must act in accordance with the relevant federal law.
Insured events
An insured event is understood to mean a situation in which a bank is unable to make a refund to its depositors. When this occurs, a refund is provided by the deposit insurance system. Most often, an insured event becomes bank bankruptcy.
Revocation of a banking license is also an insured event. When this occurs, the bank loses the right to carry out any operations, and the money is returned to depositors by the agency. All funds placed in deposits of individuals or on their accounts (including card accounts) and not included in the list of exceptions are subject to insurance.
Exceptions
The system of compulsory deposit insurance is valid only in Russia. Funds placed in foreign branches of Russian banks are not subject to insurance. The same applies to funds transferred to the bank in trust (regardless of its location).
Insurance of funds that are not the personal property of individuals is not provided. This applies to accounts opened by notaries and lawyers to carry out their activities. Also to bearer deposits (since they can be transferred by the owner to any person, at any time).
Funds for depersonalized metal accounts also are not subject to insurance, since precious metals, by definition, are not cash. This also applies to various electronic money: according to Russian law, they are not monetary units (currency) of Russia or another state.
Deposit Insurance in Russia
The registry of the deposit insurance system includes more than 850 banks (the information is current at the end of March 2015). In each of them you can open a deposit without any fear for the safety of funds: in the event of bankruptcy of the bank, they will be returned to the owner along with the interest accrued on them.
Thanks to the existence of the system, the confidence of depositors has grown significantly and is not affected by the crisis and other negative factors. This allows banks to count on a stable inflow of capital by individuals. And that means developing at a much faster pace.
The state continues to take measures aimed at improving insurance conditions.The maximum amount that can be paid to the depositor has recently been increased again. Now it is 1.4 million rubles for each bank. That is, if a citizen's deposits are placed in different banks, in the event of bankruptcy, for example, of two of them, he can claim payment of an amount not exceeding 2.8 million rubles.
World practice
Despite the rather stable situation in other countries, their banks are also at risk of insolvency. Therefore, deposit insurance is actively practiced abroad, in all developed countries. The United States is considered to be the discoverer of this area: in this country, deposit insurance began to be practiced even during the time of the great depression. The economic situation was so complicated that it was possible to attract the capital of citizens only in this way.
The scheme used abroad does not differ from that used in Russia. The actors are also agencies and banks participating in the deposit insurance system, all of their activities are regulated by law. Participation in the program is mandatory in most cases.
The allowable maximums of the amounts that could be paid to depositors in the USA and other countries were also gradually updated. At first, it was always a matter of fairly modest amounts, but as systems and funds developed, their capabilities increased and insurance conditions improved.
