Depositors shall apply to the Fund for compensation in writing. The name of the bank that deposits have been located, amount of the deposit, currency of the deposit (in manat or other currency), information about a depositor (first name, last name, place of birth, date of birth, address, contact number and e-mail), general volume of the deposit and form of getting compensation (via cash or transfer and so on.) shall be indicated in the application.
The following documents and their copies shall be attached to the application:
- Deposit contract (bank amount);
- The deposit book or other statutory documents certifying the deposit;
- documentation confirming the depositor's ID
- If a depositor's assignee applies for compensation, he must also furnish the Fund with a notarized power of attorney.
The Fund shall accept depositor applications during one year from the date the payment of compensations was first announced. When documents are made available that ascertain the existence of conditions that rendered the depositor incapable of filing an application, the period of apply in order to get a compensation may be extended provided that 5 years from the day of publish of notification is not passed. The Fund shall pay compensation no later than in 90 calendar days from the date the depositor's application was received. In exceptional cases, the Fund may prolong the period of payment of compensation for up to 90 calendar days, if so decided by the Board of Custodians.