What Documents Must a Depositor Provide to Receive Reimbursement in the Republic of Kazakhstan?

The Kazakhstan Deposit Insurance Fund (KDIF) plays a crucial role in ensuring the stability of the country’s financial system by protecting the rights and interests of depositors in the deposit guarantee system member banks (all Kazakhstani banks except for Islamic banks). In the event that a member bank’s license to conduct all banking operations is revoked, KDIF pays guarantee compensation to its depositors in the manner and within the timeframes established by law.

The process of reimbursement is simple and transparent: it is sufficient to apply to KDIF, including through its chosen agent bank, with the appropriate application (available on KDIF website and also obtainable at the agent bank) and to present an identity document.

However, there are situations in which a depositor is unable to apply for reimbursement in person. In such cases, the following persons (applicants) are entitled to submit an application:

• representatives of the depositor under a power of attorney;
• legal representatives of the depositor (parent, adopter, guardian, trustee);
• heirs of depositors;
• other persons who have the right to receive guarantee compensation.

For each category of applicant, various documents are required in addition to the application for payment.

For example, representatives of a depositor under a power of attorney must attach a notarized power of attorney and a document certifying their identity.

If the power of attorney is issued in a foreign language, a notarized translation into the state or Russian language must be provided. If necessary, apostillation or consular legalization of such a power of attorney may also be required.

If a legal representative of the depositor (parent, adopter, guardian, trustee) applies for reimbursement, a different set of documents is required:

the parent of a minor depositor under 14 years of age provides the child’s birth certificate, in whose name the deposit is opened, and a document certifying the applicant’s identity (if the depositor is 14-18 years old, they can apply independently with the written permission of their parents or one of their parents);

the guardian or trustee of the depositor presents a document certifying the applicant’s identity, as well as documents of adoption or foster care. If guardianship in the form of patronage is established for a minor, a contract for the transfer of the child for upbringing with the guardianship and trusteeship body, a certificate of establishment of guardianship (trusteeship), or other supporting documents are required.

In the event that the compensation is received by an heir of the depositor, the supporting documents are the original or notarized copies of documents confirming their right to the inheritance (certificate of inheritance rights) and a document confirming the heir’s identity.

If the applicant is another person who has the right to receive guarantee compensation for the depositor’s deposit, they must present a document certifying their identity, as well as documents confirming their right to receive the compensation (for example, a court decision).

It is important to remember that the acceptance of applications for payout begins no later than 5 business days after KDIF announces the start of payouts and is carried out for 1 year. The direct reimbursement will be made no later than 5 business days from the date of receipt of the application and necessary supporting documents.

It should be noted that the announcement of the start of payouts is published no later than 30 business days from the date of the revocation of the participating bank’s license to conduct all banking operations. However, in practice, this happens much faster – for example, for insured events in 2020-2021, depositors of the liquidated banks “Tengri Bank,” “Asia Credit Bank,” and “Capital Bank Kazakhstan” gained access to their funds within 6-8 business days. KDIF has pre-arranged all organizational measures for the prompt return of guaranteed funds. We will also provide depositors with all necessary information about the period and places of payout, as well as how to apply, with clarification of the document requirements.

Thus, thanks to transparent procedures and timely public information, KDIF ensures the reliable and effective fulfillment of its obligations to depositors, contributing to the stability and trust in Kazakhstan’s financial system. As of March 1, 2024, the Kazakhstan Deposit Insurance Fund has paid 114.4 billion tenge to depositors of banks whose licenses were revoked.

You can find more detailed information about the procedures for paying guarantee compensation upon license revocation on KDIF website (www.kdif.kz) or contact us via the toll-free number 1460, send a request to the email address info@kdif.kz, or contact us in the Telegram chat @kdif_ask.