In accordance with the Law of the Republic of Uzbekistan “On Guarantees for the Protection of Deposits in Banks” dated 18 February 2025, deposits placed in banks of the Republic of Uzbekistan by the following persons are guaranteed:
individuals;
individual entrepreneurs;
legal entities.
In accordance with the Law, the following are not considered objects of guarantee:
deposits of banks, non-bank credit organizations, insurance companies, leasing organizations, investment and mutual funds, as well as other financial organizations operating on the basis of a license or permit issued by an authorized body;
deposits of state authorities, state organizations, and state-owned enterprises of the Republic of Uzbekistan or a foreign state;
deposits of persons related to the bank, except for deposits of members of the bank’s management board and key personnel, provided that the amount of such deposits does not exceed the amount of accrued salary and equivalent payments for the last three months;
deposits placed in subsidiary banks or branches of the bank opened outside the Republic of Uzbekistan;
funds accumulated in individual funded pension accounts;
funds whose origin is related to the legalization of proceeds of crime, financing of terrorism, or financing of the proliferation of weapons of mass destruction, as confirmed by a court decision that has entered into legal force.
The following deposits placed in banks of the Republic of Uzbekistan are guaranteed:
deposits in the national currency of the Republic of Uzbekistan;
deposits in foreign currency,
belonging to individuals (including individual entrepreneurs) and legal entities.
For the purpose of determining the object of guarantee, a deposit includes:
the balance of funds under a bank deposit agreement or a bank account agreement, including funds held in separate accounts until the fulfillment of contractual conditions (including escrow services), as well as funds certified by a savings (deposit) certificate;
the amount of interest accrued but not paid before the occurrence of a guarantee event, provided that such accrual is stipulated by the agreement or certificate.
The following are not considered deposits:
shares and other instruments included in the bank’s regulatory capital;
debt securities issued by the bank (bonds, promissory notes);
subordinated debt obligations of the bank;
funds stored in bank safes;
rights of claim arising from derivative financial instruments (futures, forwards, options, swaps);
property and funds transferred to the bank under trust management.
The amount of compensation payable to one depositor in one bank is:
100% of the deposit balance if the amount does not exceed UZS 200 million;
UZS 200 million if the deposit balance exceeds this amount.
If a depositor has several deposits in one bank, the total amount of compensation shall not exceed UZS 200 million, regardless of the number of deposits or their currency.
Compensation for guaranteed deposits in foreign currency is paid:
in the national currency of the Republic of Uzbekistan;
at the official exchange rate of the Central Bank of the Republic of Uzbekistan as of the date of the guarantee event (the date of license revocation of the bank).
To receive compensation, the depositor shall submit to the agent bank:
a bank deposit agreement and/or a bank account agreement;
an identity document.
Yes. Compensation is paid to heirs, legal successors, or their authorized representatives upon submission of documents confirming inheritance or succession rights in accordance with legislation.
A guarantee event is the revocation by the Central Bank of the Republic of Uzbekistan of a bank’s license to conduct banking operations.
The Deposit Guarantee Agency:
publishes information on the occurrence of a guarantee event within two business days from the date of receipt of the depositors’ register from the liquidated bank;
ensures access to compensation payments within the following timeframes:
within 20 business days starting from 1 January 2025;
within 15 business days starting from 1 January 2026;
within 7 business days starting from 1 January 2027.
Unpaid guaranteed deposits remain the property of the depositor and may be claimed at any time.
If, as of the date of the guarantee event, the deposit has been pledged as security for the depositor’s obligations to the bank and its amount is sufficient only to fulfill such obligation, the deposit shall be applied toward the fulfillment of the obligation.
The payment of compensation may be suspended in the following cases:
doubts regarding the authenticity or validity of the submitted documents;
discrepancies between the depositor’s claims and the data contained in the register;
seizure, freezing of funds, or suspension of account transactions;
the deposit is the subject of a court dispute.
Compensation may be refused, or repayment of previously paid compensation may be required, if:
forged documents were submitted;
a court decision that has entered into legal force establishes that the funds are connected with criminal activity.
From the date of the guarantee event, the depositor’s rights of claim against the liquidated bank transfer to the Deposit Guarantee Agency in the amount of the guaranteed compensation.
At the same time, the depositor retains the right to claim from the liquidated bank the portion of the deposit exceeding the guaranteed amount.
