Deposits

Deposit insurance

CB “CIBIT-BANK” LLC is a member of the mandatory deposit insurance system. This means that the funds of bank customers placed in deposits and bank accounts are reliably protected by the state. If the bank ceases to operate upon the occurrence of an insured event, by law, its depositors will be paid compensation for their deposits. The Deposit Insurance Agency takes all necessary measures to take into account the requirements of depositors to the bank and to pay clients reimbursement for deposits and bank accounts.

In accordance with the Law of the Republic of Abkhazia No. 2860-c-IV “On Insurance of Deposits of Individuals at Banks of the Republic of Abkhazia” dated 03/10/2011, compensation for deposits in a bank in respect of which an insured event occurred is paid to the depositor in the amount of 100% of the amount of funds placed in a bank, but not exceeding 100,000 (one hundred thousand) rubles.

All funds of individuals in banks are subject to insurance, with the exception of:

• funds deposited in bank accounts (in deposits) of individuals engaged in entrepreneurial activities without forming a legal entity, if such accounts (deposits) are open for business activities as provided for by the legislation of the Republic of Abkhazia, as well as those deposited in bank accounts (in deposits) of lawyers and other individuals if such accounts (deposits) are open for the implementation of professional activities provided for by the legislation of the Republic of Abkhazia;
• funds deposited by individuals in bearer bank deposits, including those certified by a savings certificate and (or) a bearer savings book;
• funds transferred by individuals to banks in trust.