1. What is the insured deposit?
An Insured deposit is a deposit representing every Dinar or foreign currency depositor’s claim against a bank(deriving from a money deposit, a savings deposit, a current account or any other account)which is insured by the Agency in accordance with the existing legal provisions.
2. Whose deposits are insured?
Insured deposits are the deposits of :
- Natural persons,
- Entrepreneurs,
- Small legal entities
- Medium-sized legal entities.
3. Which deposits are not insured?
The following deposits are not subject to deposit insurance:
- Deposits of legal and natural persons connected with the bank, according to the law governing banks;
- Coded or bearer deposits;
- Deposits arising from transactions used for money laundering or for funding terrorism;
4. Which banks are obligated to insure deposits and who pays for this type of insurance?
All banks licensed by the National Bank of Serbia are bound to insure deposits and pay insurance premiums at regular intervals.
Only banks (not the depositors) have the obligation to pay deposit insurance premiums.
Guaranteed deposit insurance is free of charge for depositors.
5. What happens when bankruptcy proceedings are initiated against a bank?
The Agency shall inform all depositors through the mass media about the selected payout bank, the date of starting repayments, the manner and the location where the insured amounts will be paid out. Pursuant to applicable regulation, the the repayment of insured deposits shall start within 3 days from the date the National Bank of Serbia rendered the decision on instituting of bankruptcy proceedings over the bank.
6. Is a request for payment required?
Yes, each depositor must submit a written request to the payout bank. The request should include the following:
1. If the depositor is a natural person:
- Your personal data (name, surname, date and place of birth, place of residence – street and number, unique personal number),
- Total amount of deposit claimed and the preferable method of payment (cash/transfer to another account).
2. If the depositor is an entrepreneur or small or medium-sized legal entity:
- Data concerning the firm, i.e. legal entity (name, address, ID number, tax identification number),
- Total amount claimed and the preferable method of payment (cash/transfer to another account)
Apart from the written request, claimants should also submit the following supporting documents: attested current account, drawing account and/or foreign currency account contract, savings account contract, attested savings book, decision on inheritance or other legally prescribed documents along with an identification document.
7. Where can I get the request for payout of insured deposit?
At all paying places of selected payout bank you can get the request for payout of insured deposit.
8. What is Insured amount?
Insured amount is insured deposit amount up to EUR 50.000 in dinar counter value by the official middle exchange rate, which is valid on a day of rendering decision of National bank of Serbia on revoking bank’s operating license, by the depositor, established after settlement of claims between depositor and a bank.
9. In which currency are insured amounts paid out?
Insured amount for deposits made in RSD is paid out in RSD and for those made in foreign currency the insured amount is paid out in EUR at the Euro rate of exchange with the given currency on the day the National Bank of Serbia made a decision to instigate bankruptcy proceedings.
10. What is a net claim?
Net claim is the amount payable to an individual depositor. It is determined following the set-off of depositor’s claim against his total due financial obligations towards the bank. It is calculated applying the following formula:
Total deposits per depositor in the bank
+ accured interest (untilthe day the bank’s operating licence was revoked)
- all due liabilities of the depositor(loans, current account overdraft, etc.)
= depositor’s net claim
11. What happens if the net claim exceeds the insured amount?
If depositor’s net claim exceeds EUR 50,000 in RSD countervalue, the remaining amount is paid to the depositor in the course of bankruptcy proceedings.
Example : The determined amount of net claim is EUR 60,000. In this case, the Agency will pay the depositor EUR 50,000 in the legal timeframe. The depositor may claim the remaining uncollected amount (EUR 10,000) from the bank’s bankruptcy estate.
12. Is my deposit insured even in the case of bank liquidation?
Yes. The Law on Bankruptcy and Liquidation of Banks and Insurance Companies (“Official Gazette of the RoS”, Nos. 61/05, 116/08) is harmonized with the Law on Deposit Insurance.
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