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Azerbaijan Deposit Insurance Fund

What is insured deposit?

It is such a part of deposit that will be compensated by the Fund in the amount defined by Law "on deposit insurance" in case of insurance incident in the participant bank where a depositor is serviced

What is the amount of compensation paid to a depositor?

Starting March 2, 2016 deposits accepted by the Fund’s member banks with the annual interest rate 3 % in the foreign currency and 15 % in the national currency will be fully insured for 3 ( three) years.

Currencies in which compensation is paid in an insurance incident

In manats for the deposits in national currency
In USD or EUR according to the currency of the deposit for the deposits in USD and EUR deposits
For deposits denominated in other foreign currencies compensation shall be paid in USD or EUR based on the official exchange rates defined by the Central Bank.


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TO THE ATTENTION OF THE DEPOSITORS!!!

Baku 01.03.2016 According to a decision passed in the extra-ordinary meeting of ADIF Board of Custodians held in March 01, 2016 agreeing with the Central Bank of Azerbaijan, the upper limit of annual interest rate on insured deposits in foreign currency made 3%, on insured deposits in the national currency – 12%.

According the third article of the Law “on deposit insurance”, all insured deposits with the interest rate provided by the ADIF Board of Custodians will fully be insured for three years regardless of amount.

Starting March 2, 2016, if the interest rate on new deposits is higher than 3% and 12%, these deposits will not be insured by the Fund and no compensation will be paid for them.  

Deposits of insured depositors as of March 2, 2016 with the higher interest rate than the limit provided by the Fund are fully insured by making relevant amendments to the contracts before termination.

If the contract is amended, the interests are fully repaid to the depositors in accordance with the terms of contract that are valid as at the day of amendments.

Depositors don’t do any payment for insurance of deposits.

       

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