What is the deposit insurance system?
What is the deposit insurance system?
The deposit and savings insurance system is a system of state protection of the rights and legitimate interests of depositors, within the framework of which the Fund pays insurance compensation to depositors when an insured event occurs in a credit institution.
The purpose of the deposit and savings insurance system is to help ensure the stability of the financial system of the Republic of Tajikistan, including maintaining public confidence in the banking system. Issues of insurance of savings of individuals are regulated by the Law of the Republic of Tajikistan “On Insurance of Deposits and Savings”. To ensure the functioning of the deposit and savings insurance system, the Deposit and Savings Insurance Fund of Tajikistan operates. The Fund is a non-profit legal entity that, by the Law, protects the rights and legitimate interests of depositors by paying insurance compensation.
The Fund pays insurance compensation to depositors upon the occurrence of an insured event within the amounts established by law, maintains a register of credit institutions participating in the deposit and savings insurance system, collects and records payments from credit institutions, and performs other functions provided by law.
Contacts:
• Address: Republic of Tajikistan, 734025 c.Dushanbe, st.Mayakovskogo 77/2
• Web-site: www.idif.tj
• Phone number for inquiries: +992 44 600-32-45 
• Email: info@idif.tj
The goals of the Foundation are:
— protection of the rights and legitimate interests of depositors by paying insurance compensation;
— ensuring the functioning of the deposit and savings insurance system and promoting the stability of the financial system in the Republic of Tajikistan;
— strengthening public confidence in the banking system of the Republic of Tajikistan.
Level and scope of insurance coverage by the Fund
Insurance of deposits and savings of depositors is carried out by the Fund.
Following the Law of the Republic of Tajikistan “On Insurance of Deposits and Savings” (as amended by the Law of the Republic of Tajikistan “On Amendments and Additions to the Law of the Republic of Tajikistan “On Insurance of Savings of Individuals” dated March 15, 2023 No. 1961), depositors whose funds are subject to insurance are — individuals, including individual entrepreneurs, as well as legal entities of small businesses and non-commercial organizations.
Deposits and savings in national and foreign currencies placed on savings accounts, time deposit accounts, and bank payment cards of credit organizations are subject to compulsory insurance, which is confirmed by bank deposit agreements, salary and pension payment cards, and (or) bank accounts in savings books.
At the same time, compulsory insurance does not apply to:
— individual and corporate metal accounts;
— money and property placed in bank safes;
bank certificates;
—deposit and savings accounts of legal entities, except of SMEs and non-profit organizations;
— savings accounts opened in Islamic credit organizations;
— electronic money;
— deposit and savings accounts, the rights to which are transferred to another person based on an agreement concluded outside a credit institution;
— deposit/savings accounts for which the owner of the right to dispose of the account has not been determined by the credit institution.
Deposit insurance is provided completely free of charge for depositors and does not require the conclusion of a special insurance contract. Depositors' funds are automatically insured, and in the event of an insured event, compensation is paid by the fund.
Thus, in the event of an insured event in a credit institution, depositors have the legal right to receive insurance compensation for their deposits in the credit institution.
What is an insured event?
An insured event is the forced liquidation of a credit organization by a court decision not on grounds of bankruptcy or grounds of bankruptcy following the Law of the Republic of Tajikistan “On Liquidation of Credit Institutions”, as a result of which obligations of the Deposit and Savings Insurance Fund of Tajikistan arise to pay the amount of insurance compensation to bankrupt depositors credit organizations.
Amount of insurance compensation
When an insured event occurs, the Fund pays compensation to depositors for their deposits and savings in credit institutions within the limits of insurance compensation established by law.
Following the Law, the amount of compensation for insured deposits and savings is no more than 35,000 somoni. Following the procedure established by the Law, the amount of insurance compensation is established as follows:
— If the depositor has several deposit/savings accounts with credit organizations, then these accounts are accounted for as one savings account, and compensation is paid based on the total amount of funds in the deposit/savings account in an amount not exceeding 35,000 somonis;
— If an insured event occurred in several credit organizations in which the depositor has deposit and savings accounts, the amount of insurance compensation is calculated separately for each credit institution.
Interest on deposits and savings is not reimbursed by the Fund. If the deposit and savings account agreement provides for the capitalization of interest, then compensation will be paid on the balance of the deposit and savings account.
Deposits and savings placed in national currency are reimbursed in national currency. Deposits and savings placed in foreign currency are reimbursed in national currency at the official rate established on the day of the insured event.
* Note: If the amount of deposits and savings of a depositor in a liquidated credit institution exceeds the amount of insurance compensation, the remaining amount is paid by a special administrator (liquidator) in the manner prescribed by law.
Insurance payments
After the occurrence of an insured event, the Fund publishes a message in the media about the date, form and procedure for payment of insurance compensation. This message is also published at the entrances to the buildings of the Fund, agency banks, and liquidated credit institutions, as well as on the official website of the Fund.
The maximum amount of insurance compensation provided by current legislation is no more than 35,000 somoni. Moreover, by the procedure established by law, if one depositor has two or more deposit accounts in a bank, these accounts are considered as one account, and compensation is paid that does not exceed the amount of insurance compensation established by law. The remaining amount of savings is paid by the special liquidator (liquidator) of the credit organization upon its liquidation in the manner prescribed by law.
The procedure for receiving insurance compensation is as simple as possible. To receive insurance compensation, the depositor (applicant) or his representative must contact the agent bank and present the following documents: >
In case of a change of surname, name, or patronymic, the applicant must provide to the agent bank a certificate of change of surname, name, or patronymic or a marriage certificate issued by an authorized body.
Depositors who are unable to appear in person at the agent bank may instruct their representative to apply on their behalf based on a power of attorney issued by a notary. At the agent bank, the depositor's representative must have a power of attorney and an identification document.
Information for investors
1. Check with the credit institution. Make sure that the credit institution in which you are going to place a deposit is a member of the Deposit and Savings Insurance System and has a certificate of membership in the Deposit and Savings Insurance Fund of Tajikistan.
2. Check the data in the deposit agreement. Carefully check the correctness of your full name, passport details, tax identification number, telephone number, and address specified in the deposit and savings agreement, and always inform the credit institution of any changes. Find out from your credit institution about insuring your funds with the Deposit and Savings Insurance Fund of Tajikistan.
3. Please remember that if an insured event occurs, compensation is not paid for the following deposits and savings:
— deposits and savings obtained by criminal means or seized by the court;
— deposits and savings, which, according to the conclusion of the National Bank of Tajikistan, contributed to the deterioration of the financial position of the credit institution;
— deposits and savings determined by law from related (affiliated) persons of a credit organization, as well as persons who were considered such during the last year before the liquidation of the credit organization;
— deposits and savings of partners of an audit firm who were involved as auditors of a credit organization in the calendar year preceding the date of the insured event;
— deposits and savings of persons owning more than five percent of the shares of a credit institution on a beneficial basis;
— deposits and savings placed in foreign branches of a credit institution;
— deposits and savings in the amount of any outstanding debt of the depositor to the credit institution;
— deposits and savings for less than 10 somoni.
— in emergencies that did not allow the investor to apply for compensation.
4. Important to remember
If an insured event occurs, come for insurance compensation at any time convenient for you. If possible, do not rush to collect the insurance compensation on the first day of payment. The Fund may, at the request of the investor, extend the period for the investor to apply for compensation if:
— the depositor suffers from physical or mental disability and cannot apply for compensation on time;
— special circumstances arise that do not allow the investor to apply for compensation.

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