Deposit Guarantee Scheme Serbia

Information Leaflet – A Deposit Guarantee Scheme Reimburses a Limited Amount to Compensate Account Holders Whose Bank in Serbia Has Failed

Deposit Guarantee Scheme Serbia: Since 2019, the Serbian deposit insurance system combines deposit protection with bank restructuring, bank liquidation and bankruptcy to safeguard the stability of the financial system. Consequently, all deposit taking credit institutions that operate in Serbia must participate in the Serbian deposit insurance scheme.

Secured Deposit Limit: 5,875,000 RSD (Serbian Dinars) for RSD accounts and 50.000 euro for deposits in foreign currency.

Claim Filing Procedure:  In order to claim their insured deposits, depositors are required to submit a written request to the agent bank selected by the DIA to reimburse depositors, which will be communicated to the depositors in a timely manner.

Claim Submission Timeframe: The time limit for making the request is 3 years from the issuance of the court order to open the bankruptcy or liquidation proceeding.

Repayment Timeframe: The reimbursement of eligible bank deposits starts within 7 business days from the issuance of the court order to open the bankruptcy or liquidation proceeding.

Repayment Conditions: The insurance covers cash deposits, savings accounts, current accounts and other accounts, as well as all other temporary deposits made in the course of regular banking operations, repayable by the bank to its clients in accordance with its legal or contractual obligations. In case the depositor’s claim exceeds the insured levels, the remainder may be claimed by civil action or in the bankruptcy or liquidation proceeding to dissolve the bank.

DGS Claim Rejections: Not all bank deposits qualify for deposit insurance. Creditors who feel wronged by the Serbian deposit insurance scheme for the rejection of their DGS claim may request the DGS administration for reinspection. A continuous negative evaluation can be taken to court where customers must be well aware that the burden of proof to set aside the rejection is on them.

Scheme Architecture: All banks licensed by the National Bank of Serbia are required to insure deposits and pay all due deposit insurance premiums. Only banks, and not the depositors, pay the deposit insurance premiums.

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