KDIF encourages Delta Bank, Kazinvestbank depositors to seek damage reimbursements

ASTANA – Few depositors of Delta Bank and Kazinvestbank have applied for compensation from the Kazakhstan Deposit Insurance Fund (KDIF) for damages related to those banks being deprived of licenses to conduct banking and other operations from 2017 and 2016 respectively, KDIF Chairman Bakyt Kogulov said recently.

Delta Bank

Photo credit: Qamshy.kz

KDIF begin to compensate for the damages this year. Delta Bank’s depositors started to receive their compensations from May 17 and refund operations will continue until Nov. 17, whereas payments for depositors of Kazinvestbank will be conducted until Aug. 13.

Bank Centre Credit performs the role of a bank-agent paying compensations to depositors at the expense of KDIF.

Kogulov noted the majority of depositors, whose deposits constitute 71.1 percent of the total amount, are not interested in receiving compensation. This is because 1,388 of the clients have deposits less than 5,000 tenge (US$15). But there are also 1,126 depositors at 52,000 tenge (US$150) and 22 depositors, or 1 percent, at more than 1 million tenge (US$2,925).

The total amount of KDIF’s obligations to pay compensation is 141 million tenge (US$412,425). By now, 28.9 percent of the total amount of obligations has been reimbursed to depositors of Delta Bank, which is, in numbers, 52 clients. Yet the number of individuals entitled to receive compensation is 2,244.

Reimbursement has also been received by eight depositors of Kazinvestbank. Approximately 1.8 million tenge (US$5,265) has been paid out, which is 87.6 percent of the total liabilities.

All the payments are transferred from KDIF’s special reserve. At the moment, the amount of funds intended for payment of the guarantee compensation is 608 billion tenge (US$1.8 billion).

“The payment term with the depositors of Kazinvestbank, Delta Bank in the agent bank of Bank Centre Credit is six months, and we ask the depositors of the two banks to take advantage of their right to receive a refund on deposits in the bank. After the specified date, it will be necessary to apply directly to the Fund’s office in Almaty directly, by proxy or send documents by mail. I remind cardholders that KDIF guarantees money in current accounts of individuals and payment cards in the same amount and order as deposits,” said Kogulov.

He also noted that the depositors can take advantage of quick consultations from experts through instant messaging service Telegram. KDIF launched a chat “KDIF | Questions and Answers” to easily access information about the guarantee on deposits, the rules for payment of compensation. Also, for up-to-date information on the payment of the guarantee indemnity and general information on the deposit guarantee KFGD started a channel, @KDIF_info (www.t.me/KDIF_info).

KDIF compensates all types of individual deposits, including the balance of current accounts and payment cards and capitalised compensation.

The maximum amount of compensation is 10 million tenge (US$29,250) on deposits in national currency, and 5 million tenge (US $14,625) on deposits in foreign currency.

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