of October 15, 2016 No. 455-V
About the obligatory deposit guarantee of physical persons
This Law determines legal, economic and organizational bases of the deposit guarantee of physical persons in banks of Turkmenistan, participation of banks in system of the obligatory deposit guarantee, is directed to protection of the rights and legitimate interests of investors and stimulation of attraction of savings of the population and building confidence in bank system.
In this Law the following basic concepts are used:
1) contribution (deposit) (further - contribution) - the money in national and (or) foreign currency deposited by physical person or in its advantage the bank account based on bank deposit agreement or without that including the capitalized (ranked) deposit interest;
2) the guaranteed contribution - the contribution which is object of warranty compensation on system of the obligatory deposit guarantee;
3) warranty compensation - the money in national currency which is subject to payment to the investor;
4) participating bank - bank, including the branch of foreign bank registered in Turkmenistan, being the participant of system of the obligatory deposit guarantee whose obligations on return of the attracted deposits are guaranteed according to the legislation of Turkmenistan;
5) the investor - physical person addressed to which the contribution in participating bank is open;
6) system of the obligatory deposit guarantee - complex of the obligatory organization-legal measures provided by this Law, directed to protection of the rights and legitimate interests of investors of participating banks;
7) confirmation of participating bank - the document issued by the Central bank of Turkmenistan to participating bank, certifying its participation in system of the obligatory deposit guarantee.
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