The goals of investing money in banking institutions for all people can be varied: buying property, treatment, studying, repairing, investing, entrepreneurial activity, on a rainy day, rest, etc. But there is one thing that unites all these desires - the protection of their deposits (deposits) from the risk of non-payment or non-payment. And here it is not complete without an investment insurance system.
What deposits are insurance payments made?
Individuals who put their money under a bank account or deposit agreement in foreign currency or rubles on a deposit, a bank card (with the exception of a credit card) or a bank account registered in the Russian Federation are entitled to receive insurance payments on deposits subject to occurrence insured event. Starting January 1, 2014, in addition to individuals, individual entrepreneurs also have this right. Accrued interest is also subject to insurance.
Cash that is not insured
- On accounts or deposits held by lawyers, notaries or other persons, and if these accounts or deposits are used to carry out professional activities established by federal law.
- Deposits made by an individual to bearer or confirmed by a savings book, bearer certificate. Insurance payments on deposits of this type are also not provided.
- Which were transferred by an individual to the bank for trust management.
- If the funds are placed in branches of banks of the Russian Federation outside of Russia.
- Electronic money.
- Funds that are in nominal accounts, except for custody, beneficial and trustee accounts.
Definition of insurance benefits
Insurance payments on deposits is a monetary compensation paid to depositors by an insurer in accordance with Federal Law 177-F3 of 12.23.2003 if an insured event occurs.
With the help of insurance payments, the protection of cash deposits placed in bank accounts is carried out. In connection with the bankruptcy and crisis of the banking system, which developed rapidly in the late nineties, the state decided to create a deposit insurance system (CER).
Insured events
Deposit insurance payments can be received by depositors (beneficiaries) in several cases:
- When the license of the Central Bank is canceled or revoked from the bank in which the deposit is located. In this case, the financial institution cannot carry out banking operations.
- If the Central Bank introduces a moratorium on meeting the counterclaims of bank creditors.
The above insured events occur if banks go bankrupt and have difficulty with financial affairs. Insurance payments on bank deposits are paid in rubles within 3 business days, provided that the depositor provides identification documents and an application. Payments are made no earlier than 2 weeks after the start of the insured event.
What is the size of insurance benefits?
The amount of insurance payment on deposits is calculated by subtracting the bank's counterclaims from its amount of obligations to the depositor. The deposit itself is not only the put money on the account, but also the accrued (capitalized) interest on it. The size of insurance payments on deposits is 100% of all deposits placed with the bank, but not exceeding the maximum level of insurance compensation.
This level is regulated by law and means limiting the amount of compensation paid in one bank to one depositor. In previous years, the maximum insurance amount was 100 thousand rubles, 190 thousand rubles, 400 thousand rubles. and 700 thousand rubles, depending on the date of the insured event. According to recent changes, a new maximum amount of insurance compensation has been established, and it is equal to 1.4 million rubles. It can count on investors whose insured event began after December 30, 2014. If depositors own large amounts, then it is better to place money not in one, but in several banks.
Insurance is paid only in Russian rubles. If the deposit was made in foreign currency, then the amount of the insurance payment on deposits is recalculated into the domestic one at the exchange rate of the Bank of Russia at the time the insured event begins.
Who makes insurance payments on deposits?
Thanks to the non-profit state organization - Deposit Insurance Agency (DIA), the interests of depositors are protected and the functions of compulsory deposit insurance are performed. DIA makes insurance payment to depositors on their investments. Funds acting as insurance indemnities are formed from the fund for compulsory insurance of investments.
This fund is created on the basis of the following financial receipts:
- property contribution of the Russian Federation;
- insurance premiums paid by banks;
- placement of fund assets in government and corporate securities, as a result - income generation.
Insurance contributions are made by banks that are members of the CERs. Each quarter they transfer contributions to the DIA in the amount of 0.1% of the total amount of their deposits.
What do investors need to know?
Before you make a deposit, it is worth clarifying whether the selected bank is a participant in the CERs. Some unscrupulous financial institutions may disguise themselves as banks, while luring customers to high rates, but being silent about possible guarantees. It is better not to disclose your personal data to those banks that are not credible. To dispel doubts and make sure that a particular bank really exists, you should call the DIA hotline, go to their website or look at the list of banks supporting CERs on the Bank of Russia website.
When drawing up a deposit agreement, it is necessary to verify the correctness of writing all the data, if any changes occur, it is better to immediately inform the bank about this - this will speed up the process of submitting information and in the future payment of insurance.
You need to be careful and remember which deposits are insured and which are not. Do not forget also that the interest that “accrued” on the deposit is also subject to insurance.
If, nevertheless, an insured event has occurred, then it is not necessary to flee for insurance on the first day. You can safely withdraw your funds during the year and a half before the completion of the bankruptcy operation. Insurance payments are received by postal order, having previously transmitted by mail a notarized statement to the DIA or the agent bank.
Insurance payments on deposits will increase the ability of potential and existing customers of banks not to worry about the safety of their money, because even with the worst course of events, you can always return them back as soon as possible and with a minimum package of documents.
Increase Insurance Payments
On December 30, 2014, the President of the Russian Federation adopted a law that regulates the increase in insurance payments on deposits of individuals and individuals paid from the DIA fund. According to the text of the law, compensation of 1.4 million rubles, but no more, can be received by those depositors of banks whose insured events occur after December 30, 2014. Otherwise, he will be paid insurance in the amount of previous amounts (100 thousand rubles, 190 thousand rubles, 400 thousand rubles, 700 thousand rubles).
According to preliminary estimates, the increase in insurance payments on deposits to 1.4 million rubles. Will cover about 90% of investors.Due to the fact that insurance amounts doubled, the banks' liability for deposits increased by 12%, i.e. 1.6 trillion rubles. It all comes down to the fact that banks will need additional allocation of funds to strengthen the banking system.
Insurance payments on deposits will increase the confidence of depositors in banks and will guarantee them monetary compensation in insurance cases. The more banks will be involved in CERs, the greater the chances for their customers to return their deposits in case of revocation of licenses. Thus, CERs and DIAs regulate the solvency and viability of banks, leaving the most reliable, even with low interest rates, in the “game”.
