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CALCULATING THE INSURANCE COMPENSATION AMOUNT

1.     To calculate insurance cover compensation count the total amount of each deposit holders deposit and interest accumulated according to the deposit contact by insurance case day, less the deposit holder’s debt payable and its interest rate to the bank if there is.

2.     If the deposit holder has several deposit accounts at the insurance case bank, the total compensations will be calculated and paid to one account.

3.     Insurance cover payable to the joint account holders won’t be more than 20 million Tugriks.

4.     If the joint account holders’ ownership percentage is different, they should provide the proof, otherwise the compensation amount will be split evenly and distributed to owners account. 

Асуулт хариулт

WHO IS THE INSURED DEPOSIT HOLDER?

It is the entity or the person who is holding current account and money accounts at the commercial banks.

WHAT IS DEPOSIT INSURANCE?

 

Deposit insurance is the system that provides a limited security or hedging against the risk to member commercial banks and their deposit holders in order to create systematic financial stability and public’s trust to the banking sector, by paying back compensation or contract terms in case of insurance case.  It is the entity or the person who is holding current account and money accounts at the commercial banks. 

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