Remuneration rates on deposits of physical persons to change in 2017

Remuneration rates on deposits of physical persons to change in 2017

21 December, 14:56 237

The maximum rates of remuneration on household deposits approved by the Board of directors of Kazakhstan Deposit Guarantee Fund and recommended to participating banks of guaranteeing deposits system for observance will belong not to nominal rates but to annual effective rates of remuneration since January 1, 2017, BNews.kz correspondent reports.

The solution of the Board of directors of Kazakhstan Deposit Guarantee Fund approved changes and additions in internal regulating documents of Kazakhstan Deposit Guarantee Fund according to which since January 01, 2017 the maximum rates of remuneration on household deposits approved by the Board of directors of Kazakhstan Deposit Guarantee Fund and recommended to participating banks of guaranteeing deposits system for observance will belong not to nominal rates but to annual effective rates of remuneration since January 1, 2017, the press service of fund reports.

Thus, the maximum recommended rate of remuneration in the amount of 14% on household deposits in national currency and 2% on foreign currency deposits will belong to annual effective rates of remuneration since January 1, 2017. At the same time the nominal rate of remuneration on a standard domestic currency deposit with monthly capitalization of remuneration without any additional charges will constitute 13.2%.

JSC Kazakhstan Deposit Guarantee Fund is the affiliated organization of National Bank of Kazakhstan created in 1999 for protection of the rights and legitimate interests of investors of banks of the second level.

Kazakhstan Deposit Guarantee Fund guarantees liabilities of participating banks of guaranteeing deposits system on return of a money of the physical persons placed on all types of bank accounts (including on savings, current and cards), in case of the forced termination of bank activities. At the moment 33 banks are participants of guaranteeing deposits system.

The guarantee extends to all household deposits and individual entrepreneurs, at the same time the maximum amount of warranty compensation on domestic currency deposits constitutes 10 million tenge for one investor on one bank, on foreign currency deposits - 5 million tenge for one investor on one bank.

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