• I was a client at Capital bank when it was liquidated in 2019. The news “Capital bank has been liquidated” spread through social platforms and news channels. “How do I get my money? What should I do now? I lost my money just like that?” Such thoughts were revolving in my head. In that moment, I had no idea that the money in my account was insured. I heard the news that my account at Capital bank was insured by the Deposit Insurance Corporation. Immediately, I looked through the organization’s website and Facebook to find out more. I acknowledged that up to 20 million MNT is insured by the law. The bank insures our savings at The Deposit Insurance Corporation of Mongolia on our behalf. I had a deposit of 17 million MNT at Capital bank then. In addition to the accrued interest on my savings, I received a total of over 19 million MNT in compensation through Khan Bank. I felt very happy and relieved. It was easier and less complicated than I had expected to receive the compensation. Best of all, I found it very easy not to pay fees like other compulsory insurance. Good luck to you.

In my opinion, savings are one of the most important financial instruments. Today, probably everyone in our country has some type of loan. In the same, I want everyone to have savings. I think it is very important for us financially because up to 20 million MNT in our account is insured and there is no risk.

People should be prepared for any issues that may occur in the future. The reason being, a certain amount of income is always kept in the bank. Moreover, the bank deposit is insured, and I found it very easy to pay for the insurance. Perhaps it’s part of the reason why people kept their money in the bank.