Calculation of indemnities to deposits in saving banks will increase the population’s trust in these financial institutions.

The new law “On Banks” contains exact amount of deposit indemnities: paragraphs 98.1.1 and 98.1.2 say unless the amount of deposit exceeds 30 million AZM or is foreign currency equivalent of 10 million manat, the depositor is paid 100% indemnity. If the depositor has deposit both in national and foreign currencies in the same bank, the total amount of indemnity should not exceed 30 million manat.

Today, according to Chairman of the National Bank’s Board Elman Rustamov, 46 banks are functioning in Azerbaijan meaning the people may save their deposits in any bank and receive indemnity in each bank separately.

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