Deposit Insurance
FAQ

  1. What is an insured deposit?
      The insured deposit is a cash claim in RSD or a foreign currency which arises from cash deposit, savings deposit, current account or any other account, as well as from any other temporary situation that occurs due to doing regular banking business, that is insured by the Agency in accordance with the applicable laws.
  2. What deposits are insured?
      The deposits of the following categories of depositors are insured:
      1. of individuals,
      2. of entrepreneurs,
      3. of micro legal entities,
      4. of small legal entities, and
      5. of medium-sized legal entities.
  3. Whose or what deposits are not insured?
      These deposits belong to the following categories:
      1. deposits of legal entities or individuals connected with a bank, within the meaning of the law governing banks,
      2. coded or bearer deposits,
      3. deposits arisen from money laundering or terrorism financing,
      4. deposits of large legal entities,
      5. deposits of state bodies and institutions, bodies of the autonomous province or bodies of local governments,
      6. deposits of investors, whose assets are protected in accordance with the law governing capital market,
      7. those that constitute contractual collateral, if the amount of the claim of a bank to a depositor, which is guaranteed with that deposit, is larger than or equal to the size of that deposit,
      8. deposits that belong to estates of failed banks;
  4. Which banks are obliged to insure their deposits with the Agency and who bears the costs of insurance?
      All the banks licensed by the National Bank of Serbia are obliged to insure the deposits and regularly pay the insurance premiums.

      The depositors are not obliged to pay the insurance premiums. The deposit insurance is free for depositors.

  5. What happens in the case of opening of the insolvency or liquidation proceedings against a bank?
      Within three days from the day on which the competent court issues the ruling on initiation of the bankruptcy or liquidation proceedings against a bank, the Agency shall, via mass media and its website, notify the depositors of their rights and obligations, day of beginning of the reimbursement process, selected payout bank and payout locations (determined branches of the payout bank). According to the applicable law, the Agency shall enable the depositors to have available the deposited funds up to the insured amount within seven weekdays from the day of issuance of the said ruling by the relevant court.
  6. What is the way of functioning of deposit insurance if a depositor has savings in at least two banks?
      If a depositor holds deposits in at least two banks, in the case of failure of both banks (opening of insolvency or liquidation proceeedings), the depositor is entitled to be protected on the basis of deposit insurance up to EUR 50,000 held in each of the banks (maxiumum EUR 100,000).
  7. What happens in the case of merger between the two banks in which a depositor holds deposits?
      In the case of merger between the two banks in which a depositor held deposits, it shall be protected on the basis of deposit insurance in the amount of EUR 50,000 in the newly-established bank.

      Example: A depositor has a claim on the basis of deposits held in the two different banks: In the bank A = 50,000 EUR, and, in the bank B = 40,000 EUR.

      1. In the case of failure of both banks, the depositor is entitled to deposit insurance of up to EUR 50,000 held in each of those banks.
      2. In the case the bank A and the bank B merge into one bank – the AB bank, the deposit insurance would work as follows:
      3. The total claim in the new AB bank = EUR 90,000.
      4. The depositor is entitled to the insured amount of up to EUR 50,000 in the case of failure of the new AB bank, and it shall file the claim with the competent court for reimbursement of the outstanding EUR 40,000 from the estate of the failed bank.
  8. Is it necessary to file the request for reimbursement of the insured deposit?
      Yes, the depositor shall send the written request to the payout (agent) bank. This request must contain:
      1. In the case of the depositor - individual:
        • Your personal data (full name, date and place of birth, adress, PIN),
        • Number of the savings card/account, current account or contract on depositing,
        • Total claimed amount and preferred payment method (cash / any other transfer)
      2. In the case of the depositor - micro, small or medium-sized legal entity:
        • Data related to legal entity (full name, address, ID number, TIN),
        • account number or contract number
        • Total claimed amount and preferred payment method (transfer to another account)

      In addition to the written request, it is required to submit the contract on holding of the current account (in RSD or foreign currency), savings contract, savings book, proof of inheritance or any other required document, as well as the identification documents.

  9. Where may I be provided with the reimbursement request?

      The reimbursement request is available at all determined payout locations – branches of the payout (agent) bank.

      Before completing and filing the reimbursement request, a cashier at the particular payout location shall hand in to the depositor the overview of its total claims on the basis of deposit for which the reimbursement of the insured amount is determined.

      If the depositor consents to the calculated amount, it shall complete a special form for filing the reimbursement request up to EUR 50,000, that is payable by the payout bank on behalf of and for the account of the Agency. The cashier shall print the reimbursement request and hand it in to the depositor, i.e. to a person authorized by her/him for signature, thus consenting to the payable amount.

      If the depositor does not consent to the level or currency structure of the determined payable (insured) amount or if she/he deems that the determined liability of the bank is not in line with the facts, she/he shall file a complaint.

  10. Provisioning for uncashed checks
      If the depositor – individual is liable on the basis of uncashed checks, she/he needs to first fulfil its liability on the basis of uncashed checks, after which she/he may file for full recovery based on deposit insurance.
  11. What is the insured amount?
      The insured amount is the amount of insured deposit up to EUR 50,000 per depositor per bank, based on the following deposits:
      1. insured deposits in RSD – in RSD equivalent at the official middle RSD/EUR exchange rate applicable on the day of opening of insolvency or liquidation proceedings against the bank,
      2. insured deposits in EUR,
      3. insured deposits held in any foreign currency other than EUR – recalculated into EUR, at EUR/specific foreign currency exchange rate, calculated by applying the official middle RSD/EUR and official middle RSD/specific foreign currency exchange rates, applicable on the day of opening of insolvency or liquidation proceedings against the bank;

      The level of insured amount is set on the basis of balance of all deposits of that depositor held with the bank as at the day of opening of insolvency or liquidation proceedings against the bank, including contractual interest to that day.

  12. In which currency shall the insured amount be reimbursed?
      The Agency shall pay out the insured amount in RSD for RSD deposits, and in EUR for deposits held in EUR and any foreign currency other than EUR. The insured amount of deposits held in a foreign currency other than EUR shall be calculated at EUR/specific currency exchange rate, calculated on the basis of the official middle RSD/EUR and official middle RSD/specific currency exchange rates applicable on the day of initiation of insolvency or liquidation procedure over the bank. In case the depositor holds deposits both in RSD and in foreign currency, the Agency shall pay out the insured amount (via payout bank) proportionally to the currency structure of the depositor’s total deposits held with the bank in RSD and foreign currency.
  13. What happens if the depositor’s total claim to a bank is larger than the insured amount?
      If the total claim of the depositor to a bank is larger than EUR 50,000 in RSD equivalent, the remaining sum shall be reimbursed in the course of the insolvency or liquidation proceedings against the bank.

      Example: The total claimed amount is EUR 60,000.

      In that case the Agency shall, within the prescribed time frame, reimburse EUR 50,000 to the depositor. The depositor is entitled to request payment of the outstanding amount (EUR 10,000) from the estate of the failed bank, by filing the claim with the competent commercial court (the court in charge of the insolvency or liquidation proceedings against that bank).