In order to better understand the deposit insurance system, and what it particularly means to you, we shall first explain some basic terms and definitions:
- Deposit is s cash claim against a bank based on the deposited sum (in RSD or foreign currency) on an account opened with a bank. A party depositing the money is called a depositor, and the financial institution at which the money is held is called a depository institution.
- Depositor is a party that hands in a movable object (in our case - cash) to a depository institution or a trustee (bank) for safekeeping. The relationships between the depositor and the depository are governed by the special agreement on bailment, i.e. depositing.
- Insured amount (coverage level) constitutes the amount of the insured deposit of up to EUR 50,000 per depositor per bank, covering the following deposits:
- insured deposit in RSD – in RSD equivalent at the official middle RSD/EUR exchange rate applicable on the day of opening of insolvency/liquidation proceedings against a bank,
- insured deposit held in EUR,
- insured deposit held in a foreign currency other than EUR – recalculated into EUR, at EUR/each specific currency exchange rate in which deposits are held, calculated at the official middle RSD/EUR exchange rate and official middle RSD/specific currency exchange rate, applicable on the day of opening of insolvency/liquidation proceedings against a bank;
The level of insured amount is determined on the basis of the balance of all deposits of such depositor held with the bank on the day of opening of insolvency/liquidation proceedings against a bank, including contractual interest to that day.
The deposit insurance system provides for a guarantee that every depositor shall be reimbursed for its total RSD and/or claims in foreign currencies arising out of the savings deposit, current account and other bank accounts, held with every bank, up to EUR 50,000 (insured amount – coverage level), regardless of the number of accounts of the individual depositor opened with the particular bank.
Your deposits in RSD shall be paid out by the Agency up to the insured amount in RSD, and deposits in foreign currencies in EUR (at EUR/each specific currency exchange rate in which deposits are held, calculated by applying the official middle RSD/EUR exchange rate and the official middle RSD/specific currency exchange rate, applicable on the day of opening of insolvency/liquidation proceedings against the bank by the competent court).
If a depositor holds deposits both in RSD and in foreign currency, the Agency shall reimburse insured amounts commensurately with the currency structure of total deposits of such depositor in RSD and EUR.
In the case your total claim to the bank is larger than the insured amount you will be reimbursed for the remaining sum (total claim reduced by insured amount) in the course of the regular insolvency, i.e. liquidation proceedings.