Kazakhstanis began to receive 10 percent compensation from the state

Kazakhstanis began to receive 10 percent compensation from the state on tenge deposits, Tengrinews.kz correspondent reports.

Some banks are already sending out notifications.

According to the Kazakhstan Deposit Insurance Fund, on March 16, funds for crediting compensation (premiums) for tenge deposits were received by second-tier banks.

"We are pleased to announce that the procedure for payment of compensation is coming to an end. On March 15, the Kazakhstan Deposit Insurance Fund received the final registers of depositors from banks and transferred them to the payment operator. In the coming days, banks will complete payments in full," said Almaz Kudaibergenov, Deputy Chairman of the KFGD.

It is reported that JSC "Problem Loans Fund" and JSC "Kazakhstan Sustainability Fund" transferred money to banks. The total amount of funds sent amounted to 306.6 billion tenge. The number of depositors who will be paid a 10 percent premium from the state amounted to 2 million 615 thousand 772 people.

According to the rules, within two working days (until March 20, 2023 inclusive), second-tier banks will transfer the compensation due to the accounts of depositors who submitted applications.

For more detailed information on the crediting of compensation to depositors, it is necessary to contact the bank in which the deposit is opened.

Recall that against the background of volatility in the financial markets in 2022, the National Bank, together with the government, announced the implementation of the tenge deposit protection program. It provides for the accrual of compensation for tenge deposits of Kazakhstanis in the amount of 10 percent of the smallest amount on the deposit for the period from February 24, 2022 to February 23, 2023. Only deposits opened before February 24, 2022 participate in the program.

At the same time, there are restrictions: the maximum amount on the deposit for which compensation will be assigned does not exceed 20 million tenge.