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About the system of guaranteeing deposits of individuals

Financial stability and reliability of the banking system are key components of any economy. In this context, the system of guaranteeing deposits of individuals plays an extremely important role, ensuring the protection of depositors and the stability of the banking system in general. In this article, we will talk about the Deposit Guarantee Fund, analyze which deposits are subject to compensation and how to get it.


About the Deposit Guarantee Fund

The Deposit Guarantee Fund is a state institution that ensures the protection of the rights and legal interests of depositors, and in the event of bank bankruptcy, the return of funds to its individual clients, in particular FOP. In addition, the fund performs the functions of removing insolvent banks from the market and liquidating banks.

Deposit guarantee fund was founded in 1998, and in 2012 the Law on the system of guaranteeing deposits of individuals, developed taking into account international standards and best global practices, came into force. At the moment, the results of the Fund activities are more than 100 billion UAH in compensation payments for 2 million depositors.

Currently, 63 Ukrainian banking institutions are members of the Fund.


Deposit compensation amount:

In 1998, the fund started with a maximum compensation amount of only 500 UAH. Over 25 years, this amount has increased 1,200 times and today allows to guarantee the funds of 99.5% of all depositors. Thus, in the spring of 2022, the Verkhovna Rada adopted new amendments to the legislation, according to which:

  • during the period of martial law and three months after its cancellation or termination, depositors are guaranteed the full amount of funds placed in banks and accrued interest;
  • in the future, the maximum amount returned by the deposit guarantee fund cannot be less than 600,000 UAH.

The fund returns not only the invested funds, but also the interest accrued on them until the day the process of withdrawing the bank from the market begins.

If you had several accounts in the bank, for example, one time deposit, one card and one current account, then the limit amount is applied in total to all your accounts opened in the bank, even if you opened some of them as a private person, and some - as an individual entrepreneur.

The fund reimburses funds in national currency. If the deposit was placed in USD or EUR, the amount is converted at the official exchange rate established by the National Bank of Ukraine, which was in effect at the end of the day preceding the day of the start of the procedure for withdrawing the bank from the market and appointing a temporary administration.

The Deposit Guarantee Fund compensates funds

  • individuals and sole proprietors;
  • placed on deposit, current, in particular card accounts in banks;
  • in national and foreign currency.

The Deposit Guarantee Fund does not reimburse funds in a number of other cases, which are detailed in the Reference on the Individual deposit insurance system.


How to get a compensation

Where to apply for compensation

Deposit guarantee fund pays out funds to depositors through agent banks of the Deposit guarantee fund, the list of which is posted on the Fund's website. It is not necessary to send applications or other documents for reimbursement of the deposit to the Fund, except in certain cases, such as the presence of disputed issues or appeals from the depositor's heirs.

Documents for reimbursement

To receive funds, the depositor must contact the agent bank and present a passport and a certificate of assignment of the RNOKPP code or the code in the ID card. It is also possible to receive compensation through an authorized representative, for which he will need to present relevant documents and a certified power of attorney for receiving payments.

Refund of deposits online through Diya

In order to submit an application for receiving funds, in the "Diya" service, go to the services section and select the "Return of deposits" option, then select the bank where the accounts were opened. If you have deposits in several bankrupt banks, the application for each of them must be submitted separately.

Next, indicate your "eSupport" card. If you don't have such a card yet, the Diya application has a function to issue one. The last step is to leave your contact details and sign the application with Diya.Signature.

The guaranteed amount in full will be sent to the "eSupport" card within three banking days. The received funds can be transferred to another bank's card or spent in any way.

Payment terms

Payments to depositors should begin 20 working days from the date of withdrawal of the bank from the market, and for banks with more than 500,000 accounts - after 30. If possible, payments begin earlier than the specified deadline.

If a temporary administration is introduced in the bank, compensations are paid exclusively for current accounts and bank deposit contracts, the term of which expired before the day of administration. After the National Bank of Ukraine makes a decision to revoke the bank's license and its subsequent liquidation, the opportunity to receive payments is provided to all depositors without exception, regardless of the date of termination of the contract, in accordance with the procedure determined by regulatory acts.


How to avoid the need to return the deposit through the Deposit Guarantee Fund

The deposit guarantee system works like clockwork, so you get the impression that you can trust your savings to any bank without hesitation, choosing the highest rate over the reliability of the bank. However, it is still calmer and more profitable to receive funds in your bank without any losses. After all, when a bank falls into the category of insolvent, the accrual of interest on deposits stops and, for at least a month, your money stops working.

And if your funds were kept in foreign currency, then you may lose on the exchange rate difference, as you will receive compensation in national currency at the official rate of the NBU.

Let's say you had 5,000 USD in a deposit account. This amount will be returned to you in UAH at the NBU exchange rate, which as of March 19, 2024 is 38.9744. So, you will receive 194,872 UAH. If you exchange these UAH for USD at the currency exchange point at the average currency exchange rate on 19.03.2024 at the level of 39.25 UAH for 1 USD, you will receive 4,965 USD. As you can see, just from the exchange rate difference, your loss could be 35 USD.

So, it is obvious that it is better to avoid unnecessary stress, not to lose interest and the ability to access money, but to withdraw your funds from your bank calmly and on time. Therefore, when placing a deposit in a bank, you should seriously approach the choice of a bank for placing a deposit.

Olha Lytvynenko Member of the management board

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