The limit for the maximum level of insurance coverage for deposits, which amounted to 30 thousand mantas, has been legally removed today. Now, over three years citizens can place deposits in any amount under 12%.
Now the Board of Trustees (led by Eldar Garibov) of the Azerbaijan Deposit Insurance Fund (the ADIF), will ensure the observance of the new law "On deposit insurance", regardless of the amount of the deposit in the banks - members of the Fund.
In addition, if the annual interest rate on the deposit exceeds 12%, investors have the right to fully insure their deposits, if desired, and to apply to the banks, which will legally have to change the contract on deposits, for which the period has not yet expired. In case of changes in the contract, interest on deposits accrued up to the date of amendment of the contract shall be fully paid to the depositor.
In an insurance case, simply, in the bankruptcy of a bank, which is a member of the ADIF, compensation for uninsured deposits will be also paid in accordance with the said law. --17D-
Economics
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