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Slippery deposits

The National Bank, Financial Institutions’ Association of Kazakhstan and the banking community are considering the possibility of offering a new banking instrument, an irrevocable deposit, at the legislative level. However, people might be more interested in new proposals of companies on accumulation insurance.
Slippery deposits

The financial market of the country is fighting for the investor’s wallet, and this fight is going to be serious, given the increased demand for profitability, as well as new tools that offer the investor the right to choose.

The proposed new product, an irrevocable deposit, unlike existing deposits, term and demand, will have significant differences, reports The main term is fixing the client's money for a strictly specified and longer period of time (usually three to five years), before which the client cannot withdraw the money. The premium for the risk is a higher rate and a higher guarantee amount. It is assumed that the guarantee will cover an irrevocable deposit of KZT15 million, while a fixed-term deposit is guaranteed by the state up to KZT10 million. The depositor will still keep the right to early withdrawal of money, but the process will not be rapid, it will take a month from the moment of writing the application for withdrawal of the deposit. In addition, in this case, the depositor loses his reward.

"In terms of the instrument, everything is very convenient; the profitability is fixed for several years. It makes it easier for the bank to manage its assets and liabilities, and it is convenient for the depositor to fix the rate", said Chingiz Zhaksybek, chairman of the board of Kazkommerts Securities Investment Company. "But I'm not sure it will be a popular tool for the population. Even in the current conditions a deposit that gives complete freedom to individuals does not bring the required profitability even in a high-rated bank. In Sberbank and Halyk, rates are 10% or lower. If the deposit becomes irrevocable, the rate will approximately grow to 11%. But an individual will not feel comfortable".

In these conditions, life insurance companies are actively offering their customers a package of accumulative insurance with a fixed return, which can, for example, be adjusted at the rate of KZT/USD. Now the regulator is considering the issue of guaranteeing the products of life insurance companies following the example of guaranteeing bank deposits. That, naturally, should increase the demand of the population for this product.


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