Where and how to get a refund on the deposit?

You probably know that deposits of up to 1,400,000 rubles are, by default, subject to state insurance.

If a bank loses its license or a moratorium is imposed on meeting the requirements of its lenders, ordinary investors will receive their money through financial institutions authorized by the Deposit Insurance Agency.

Applying for compensation

Payouts begin no later than 14 days after the occurrence of the insured event.

To declare his right to compensation, a citizen must :

  • come to the agent bank (they are selected by the DIA, relevant information is published on the Agency’s website);
  • show your passport;
  • apply.

The text of the statement is usually offered in a finished form, it remains only to sign it.

When the depositor himself fails to apply for a refund, a representative can help. The representative must act on a notarized power of attorney.

Terms of contacting the agent bank

Article 10 of the Federal Law No. 177 dated 12/23/2003 (as amended on 07/31/2017) states:

The depositor (his representative or heir (representative of the heir) has the right to apply to the Agency with a  request  to pay compensation on deposits from the day the insured event occurs until the day of completion of the bankruptcy proceedings, and when the Bank of Russia introduces a moratorium on creditors’ claims, until the end of the moratorium.

If time is missed for a good reason, the application will still be accepted and considered with the consent of the Agency. Under the valid reasons are strictly defined cases:

  • “Extraordinary and unavoidable circumstance under the given conditions”;
  • military service or being in the Armed Forces of the Russian Federation;
  • severe illness, helpless state.

What is the form of payment?

As reported on the DIA website in the FAQ section,

the money will be paid in cash or transferred to your specified account (for deposits opened in connection with business activities, insurance is paid only by transfer to the account).

Investors who disagree with the amount of compensation are entitled to submit additional documents confirming the validity of the claims. The bank will consider them and give an answer no later than ten calendar days.

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