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Deposit account holders of Otbasy Bank (a subsidiary of Baiterek Holding) are covered by the Tenge Deposit Protection Program of the National Bank of the Republic of Kazakhstan and the Government of the Republic of Kazakhstan. This means that the deposit account holders of Otbasy Bank will be paid 10% interest for the amount of money they had on their accounts as of February 23, 2022.
The deposit interest payment procedure is regulated by the Rules for Tenge Deposit Interest Payment, which came into force today.
– 20 million tenge is the maximum amount for which 10% interest will be paid. If a person has several deposit accounts in one bank and their total sum exceeds 20 million tenge, then the interest rate will only be paid for 20 million tenge. As of February 23, 2022, Otbasy Bank had 2.3 million savings accounts with a total savings of 1.6 trillion tenge. According to the rules, interest will be paid only to those depositors who have submitted applications. An application can be submitted online starting from October 1, 2022 till January 1, 2023. To do it, sign in to your personal account on the Baspana Market web page at www.otbasybank.kz, – said Lyazzat Ibragimova, Chairman of the Board of Otbasy Bank.
The interest rate will be paid only to those depositors who keep their deposit accounts until the payment process is complete.
If some money was withdrawn from a deposit account, then interest will be paid only for the amount of money left. If some money was added to a deposit account after February 23, 2022, it will not be taken into account when calculating interest.
If a deposit was used as security for intermediate and preliminary loans (including for third-party housing loans), then interest will be paid.
Pooled deposits and deposit accounts that have been assigned to close relatives for free are eligible for interest payment.
Interest will not be paid if:
– a deposit account was closed.
– a deposit acted as collateral for a loan: the loan was fully repaid and the deposit account was closed.
– a deposit account was turned into a housing loan account in the period from February 24, 2022 to February 23, 2023;
– a deposit account has been sold or bought using an online assignment agreement.
The amount of due interest can be found in your personal account on the Baspana Market web page (www.otbasybank.kz) starting from October 1, 2022. Interest amount may vary depending on the operations that are performed by a depositor.
Depositors will receive their money after February 23, 2023, within 2 business days from the moment Otbasy Bank receives the money. There is no need to open new accounts to receive money.
If an account holder has several deposits exceeding 20 million tenge, then interest will be calculated for every deposit proportionally, but will not exceed the maximum amount.
Interest calculation examples:
Example #1
On February 23, 2022, the deposit amount was 600,000 tenge. During the year, the depositor divided the deposit and closed one of the deposit accounts. The minimum amount of the encouraged saved deposit was 300,000 tenge. Interest will be calculated based on the smallest deposit amount for the period from February 24, 2022 to February 23, 2023. That is, a 10% interest for 300,000 tenge will be paid (30,000 tenge).
Example #2
On February 23, 2022, the deposit amount was 600,000 tenge. During the year, the depositor added money and the deposit amounted to 1,000,000 tenge as of February 24, 2023.
A 10% interest for 600,000 tenge will be paid (60,000 tenge).
Example #3
A depositor has several deposits totaling 24 million tenge. In this case, interest will be paid only for 20 million tenge. No interest will be paid for the remaining 4 million tenge.
Follow the link to see more information about the interest payment process https://hcsbk.kz/ru/most-important/vyplata-kompensatsii//
