Insurance of deposit claims
What is insured within the deposit insurance system?
The Deposit Insurance Fund provides insurance of all amounts denominated in CZK or foreign currencies at banks, construction savings banks or co-operative savings banks, which are registered as balances (incl. interest) deposited in:
- current accounts,
- savings accounts,
- term deposit accounts,
- deposit accounts,
- savings books,
- certificates of deposit,
- deposit certificates or similar documents provided the client is duly identified.
Which deposits are not insured?
The Deposit Insurance Fund does not provide insurance of bills of exchange and securities (e.g. shares, bonds, unit shares) and also deposits of:
- local and foreign banks (so-called interbank deposits),
- financial institutions (e.g. investment companies, pension and unit trust funds),
- health insurance companies,
- state funds,
- and subordinated debt (claims from deposits which a bank is entitled to include partially in its capital).
Whose deposits are insured?
Insurance of claims from deposits applies to deposits of citizens (private individuals), private individuals – entrepreneurs and companies (legal entities), whose deposits are kept at banks, construction savings banks or co-operative savings banks in CZK or a foreign currency (incl. interest).
What are the conditions for deposit claims insurance?
Deposit insurance depends on the depositor’s identification and maintenance of identification data of the depositor as well as the amount and reason for the insured deposit by the respective bank.
Identification data means:
- private individuals – name, surname, address, birth number or date of birth if the birth number is not available (particularly for foreigners), or the identification number as the case may be,
- legal entities – business name or name, registered office and identification number (local legal entities).
To which amounts are deposits insured?
The client will receive the amounts deposited at a bank (inc. interest) in full (100 %) but the maximum compensation is identical to EUR 100,000 per client. Thus the client does not assume any co-participation.
Deposits denominated in foreign currencies will be converted into CZK by an exchange rate of the Czech National Bank notified on the specified day (when the Deposit Insurance Fund receives from the Czech National Bank the respective insolvency notice).
If a deposit is in a joint account (for two and more co-owners) the share of a co-owner of an account is equal to a fraction whose numerator is the total amount deposited in the account and the denominator is the number of co-owners (unless the beneficiaries determine another proportion before the specified day).
The share in a joint account is included in the total deposits of a person subject to compensation.