Compulsory insurance of deposits of individuals: the law

Although the income of Russians is declining every year, deposits continue to be in demand. But due to instability, many financial institutions go bankrupt. That is why the state has formed compulsory insurance of deposits of individuals. Read more about the service below.

Relevance

Bank deposits are popular products among the local population and are often used not only as an option for saving money, but also as a way to increase money. Thanks to this service, it will be possible to protect money from inflation and theft. Every year, the banking system improves, it becomes more comfortable to work with it: through banks receive salaries and pensions, and thanks to Internet technologies you can make financial transactions anywhere in the world.

But even now, many citizens are distrustful of banking institutions. To increase the level of trust, a system of compulsory insurance of deposits of individuals has been created. With it, a guarantee is provided that, in the event of insolvency, funds are returned to their rightful owners.

Norms of law

In Russia, all the nuances of the deposit insurance system are governed by the following laws:

1. Federal Law No. 177, protecting bank deposits of people.
2. Decree of the Central Bank No. 1417, regulating the issue of entering the bank in the Register.
3. Decree No. 1476, which determines the procedure for applying for banks to terminate their work with individuals.
4. Federal Law No. 96, which determines the sequence of payments on deposits in an insured event.

This list of norms is not considered complete, but it allows you to understand the essence of the work of compulsory insurance of deposits of individuals. According to them, an algorithm for protecting interests with the occurrence of an insured event is determined. Legal regulation in compulsory insurance of deposits of individuals protects the rights of both parties to the transaction.

Other rights of investors

Even if the contract is executed in a well-known bank with a positive reputation, you should not blindly trust it. It is important to carefully read the document. Each banking institution has a deposit agreement template. The following items must be indicated:

1. Validity.
2. The percentage rate.
3. Interest accrual and payment system.
4. Terms of early termination of the contract or extension.
5. Money management.

According to the law of the Russian Federation, citizens of the Russian Federation, citizens of other countries, stateless persons are entitled to open deposits if they are granted a temporary residence permit or stay in the country. Opening a deposit is carried out personally and individually. You can’t apply for a group of people.

A citizen who has entered into a deposit agreement has the following rights:

1. Refill.
2. Receiving a profit.
3. Refund after the expiration of the contract.
4. Early termination of the contract.
5. Management of funds, if recorded in the document.

The bank does not have the right to reduce the rate on its own. The rights of customers are described in the Law on Banks and Banking.

Who can get the money?

For compulsory deposit insurance at banks, they are entitled to receive compensation:

1. Investors.
2. Persons in whose names deposits were opened by a particular citizen.
3. Legal representatives.

In the latter case, it should be borne in mind that inheritance involves the adoption of the entire inheritance. Then the relative inherits the rights to the contribution and payments under the contract. This aspect is regulated by the laws of the Russian Federation. There are times when the depositor himself cannot perform certain operations on the account. Then a power of attorney is drawn up, which is notarized.

How to use the service?

This issue is regulated by Federal Law No. 177, adopted in 2003. According to it, compulsory insurance of deposits of individuals applies only to deposits received by banking institutions from individuals. Please note that not all bank deposits are insured. The service does not apply to money that:

1. Credited to an account owned by notaries or lawyers. This account is opened to carry out activities.
2. They were not only credited to the account, but also transferred to the bank for trust management.
3. Put on a bearer deposit. This subcategory includes cases where the deposit of money is confirmed by a certificate or a savings book.
4. Credited to the account of a Russian bank thanks to a foreign branch.
5. Have an electronic look.
6. They were credited to the nominal account.

The exception is accounts opened by guarantors in favor of the wards. An insured event also acts as an exception on collateral accounts. Funds held by clients on salary cards are credited to the system of compulsory insurance of bank deposits. But this is allowed only when the cards are considered debit.

Funds deposited in the accounts of legal entities, or if they were issued as deposits, are not credited to the mandatory deposit insurance system. But the money deposited by an individual entrepreneur is subject to insurance claims. The reason for this is that entrepreneurs are equated with individuals.

Insurance case

Only upon the occurrence of an event for which fulfillment of obligations to customers is due, the compulsory deposit insurance fund pays the required funds in full. An insured event occurs when:

1. Revocation of the Central Bank license from the bank.
2. The Central Bank imposed restrictions on financial transactions with individuals, including the burden of issuing deposits.
3. The inability of the bank to satisfy claims against creditors in full.
4. The requirement of a bank to recognize its insolvency and initiate bankruptcy.

In compulsory insurance of deposits of individuals with banks, customers can receive funds in the amount of 1.4 million rubles in an insured event. What does it mean? For example, a client opened a deposit of 1.4 million or less. In an insured event, he will receive the full amount of funds. Even if the contribution is more than 1.4 million, it receives only the due amount. The balance of the deposit may be obtained after the completion of bankruptcy proceedings.

How is the procedure performed?

The compulsory deposit insurance system works quite simply. The procedure mechanism is as follows:

1. The client draws up the deposit in accordance with the current rules.
2. In this transaction, a deposit agreement is signed. The insurance contract is signed by the client (since this care will be at the banking institution) and the Deposit Insurance Agency.
3. Then the bank itself (every quarter) makes insurance contributions to the Agency in the amount of 0.1%. This percentage is calculated from the entire amount of the deposit held in a particular bank.

It turns out that customers do not make contributions, this is done by the banks themselves. Such rules apply to all cases of depositors opening deposits.

Actions for an insured event

With the occurrence of the insured event, the actions of the parties differ. For this reason, you should consider the algorithm for each of them. The bank must act according to the following rules:

1. When it was decided at the bank that it was not possible to pay deposits, it was given 7 working days to send a letter to the agency or fund for compulsory insurance of bank deposits.
2. This document indicates obligations to customers. It is necessary to fix the amount of deposits and customer accounts that should be reimbursed. If deposits were made with the accumulation of interest, then they are accrued until the occurrence of the insured event and reimbursed in full.

Investors are entitled to claim their funds if an insured event occurs.Insurance continues until the end of bankruptcy proceedings or the end of the moratorium put forward by the Central Bank of the Russian Federation. Often, customers do not have time to submit requirements in the right time.

In these cases, the missed deadline can be restored. But there must be good reasons for this:

1. It was not possible to submit an application to an agency or a compulsory deposit insurance fund (documentary proof is needed).
2. The contributor was drafted into the army.
3. The client had health problems.

Before claiming compensation, you need to prepare documents such as a statement, passport, deposit agreement.

What does the agency do?

As soon as a document has been received from the bank, the agency in a short time notifies the bank of the time and place of payment. Agency specialists must submit an announcement in the media about the insured event, as provided by law. Notifying investors is probably not required. Because they can find out the necessary information at the agency or at the bank.

If agreement between the parties is not reached, then the matter may be considered in court. The agency must pay the funds within a few days from the date of the depositors. But the law allows payments for several weeks from the treatment of customers.

But this is allowed only if the requirements of the clients do not coincide with the information provided by the bank. For example, a depositor demands to return 100 thousand rubles to him, and the bank recorded a debt of 80 thousand. It should be borne in mind that the amount of insurance compensation will not exceed 1.4 million rubles, even if the funds were credited to different accounts or drawn up at different branches. If the depositor wishes to withdraw funds from all banks, then the restrictions must be considered separately. But it is worth considering that if there is a valid loan, funds are returned to close it, and the balance is returned.

Where are deposits insured?

At present, there are about 500 banks operating in the country that participate in the insurance system. To check whether the savings are insured, it is necessary to clarify where the funds were invested: in a bank, an MFI, a cooperative or another institution.

If the money was deposited to the bank, then, most likely, it is insured, but still it can be checked. Information about participation in the system is posted on the stands at the bank. You can also learn about this from employees before making a contribution.

Information on insurance participants is available on the DIA official website. There is also information about those financial structures that were excluded from the system.

Check

For the contribution to be taken into account by the balance sheet of a financial institution, it is necessary:

1. Keep the contract and receipts for depositing and withdrawing funds.
2. Check the availability of the deposit and its movement in the “personal account” on the bank’s website. Call the help desk and confirm the current amount and conditions.
3. Every quarter or half year, you need to take account statements, which record the details, information about the depositor and the contract, as well as the signatures of officials and the press.

Customers have the right to contact the CBR. They will provide comprehensive answers to all questions.

Refusal to receive compensation

Fraud operates not only among negligent bankers, but also among investors. By law, deposits in the amount of 1.4 million rubles are insured. But some banks set maximum rates for deposits from 1.5 million rubles.

There are many cases when customers open deposits at high interest rates of 2-3 million rubles or more, and when information about the revocation of the license appears, they divide deposits into small parts, transferring them to the accounts of relatives to receive a full refund. DIA considers these actions to be illegal and refuses to pay funds.

Experts recommend restricting money transfers to bank accounts:

1. Do not draw up deposits with relatives in one bank and do not transfer money between accounts.
2. With the expiration of the deposit, withdraw funds by cashing them.If you want to invest them again, you need to conclude a new agreement, but do not transfer money from one account to another, but make cash.

If you want to make a deposit in excess of 1.4 million rubles, you need to choose a reliable bank. This reduces the likelihood of revocation of the license, so the storage of funds is safe.

Thus, participants in the system of compulsory insurance of deposits of individuals are entitled to receive compensation in the event of an insurance event. The main thing is to arrange everything in a timely manner so that the required funds are transferred as soon as possible.