Today Russia is in a difficult financial situation, which is aggravated by the constant sanctions imposed by the West against our country. Not only the Russian economy suffers, but also the population with its savings. What can a deposit holder rely on in the event of a default?
Many Western financiers, including the American investor George Soros, predict a new default in 2015. Today Russia is ranked 5th among the countries with the highest risk of default, ahead of Egypt, Portugal and Lebanon.
According to the most probable forecasts, the ruble will not strengthen in 2015, so economists advise it is better to keep funds in foreign currency.
As for deposits, in December last year, the State Duma increased the maximum amount of insurance coverage for bank deposits from 0.7 to 1.4 million rubles. According to the State Duma deputies, such a decision will help increase the chance of returning their savings to 90 percent of depositors. Director General of the Deposit Insurance Agency Yuri Isaev also confirmed that today there is enough money in the insurance fund.
Recently, it was announced in the news that banks have raised their deposit rates. Thus, many, including pensioners, again took their savings to the bank.
What will happen to deposits in the event of a default? Suffice it to recall the 1998 default, when 17 of the 20 largest banks in the country did not fulfill their obligations to deposit holders, and foreign currency deposits were temporarily frozen in all credit institutions of the country.
In accordance with the law, the depositor will receive his insured amount only if his bank's license is revoked or if it goes bankrupt.
Regarding deposits in foreign currency, in case of default, the sum insured will be paid in rubles at the exchange rate of the Central Bank on the day of the insured event. It is also possible that foreign currency deposits will be temporarily frozen by the decision of the country's government.
Upon written application, within 7 days, the depositor has the right to receive his savings back or transfer to another personal account. But it should be borne in mind that when a default occurs, the devaluation of the ruble occurs literally before our eyes, and this week it is possible to receive the amount of the deposit, but already significantly devalued.
When concluding an agreement with a bank, you must carefully read all of its clauses. As a rule, the point about force majeure is indicated there. In the event of a default in the country, many banks will try to use depositors' deposits for their own purposes.
