The Law "On guarantees of protection of deposits in banks" was adopted

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On February 18, the President signed the Law "On Guarantees for the Protection of Deposits in Banks".

Now the amount of guaranteed deposits in one bank is 200 million soums per depositor. This requirement applies to new deposits to the bank. If you have fixed or savings deposits in banks before the new law comes into effect, your deposits will be fully guaranteed regardless of the amount.

If your money is less than 200 million soums, then your deposit is fully guaranteed.

Another innovation is that now the deposits of not only residents, but also business entities, including individual entrepreneurs, are guaranteed.

Why is it necessary to guarantee deposits and what are the important aspects of guaranteeing them in a certain amount?

First, it is the protection of depositors, i.e. returning their funds to depositors in case of liquidation of the bank;

Second, it encourages banks to compete with stable operations rather than high interest rates.

How is your deposit guaranteed if it exceeds 200 million soums?

It should be said that the amount of the guaranteed deposit is 200 million soums, it does not mean that it is impossible to put more money in the bank. On the contrary, keeping money in the bank is much safer and more beneficial than keeping it at home. Guaranteeing the deposit in this amount is used only in case of liquidation of the bank, otherwise banks will continue to fulfill their obligations regarding deposits on the basis of the contract.

As for compensation payment periods: before the adoption of the new law, the period for starting the return of deposits was 83 days, and now this period is 20 working days and will be gradually reduced to 7 working days. This means that the Agency will have a maximum of 20 working days to start paying the compensation, and if the necessary measures are taken, the Agency will be able to pay even before this period.

Don't worry if you don't get your money back within the compensation deadline, you can get your money back from the Agency at any time.

You can get detailed information about this Law on the official website of the Central Bank and its pages on social networks, finlit.uz website and the official website of the Deposit Guarantee Agency.