Under the new law, the government guarantees the return of deposits up to 200 million UZS per bank.
What Changes Await Depositors?
Rustam Rafikov, Acting Managing Director – Head of Retail Banking at Octobank, explained how this law will impact bank customers and the benefits it provides.
Key Guarantees for Depositors
- All new deposits opened after the law takes effect are insured by the government up to 200 million UZS per bank.
- Previously opened deposits remain fully protected, regardless of their amount.
- If a customer has deposits in multiple banks, the insurance applies separately to each one.
- The guarantees apply not only to individuals but also to entrepreneurs, including sole proprietors.
Why Is the Limit Set at 200 Million UZS?
According to Rustam Rafikov, most countries impose limits on government-backed deposit insurance. This helps ensure the stability of the financial system and reduces the burden on the state budget in case of economic crises.
“Providing unlimited insurance coverage for all deposits could create a significant financial strain during unstable periods. The 200 million UZS limit is an optimal solution – it covers the majority of depositors and ensures faster compensation payouts if needed,” explains Rustam Rafikov.
What If a Deposit Exceeds 200 Million UZS?
Banks continue to fulfill their obligations to customers as usual. The limit applies only in cases of bank liquidation.
“Keeping money in a bank is not only safe but also profitable. Even if a deposit exceeds 200 million UZS, the bank remains fully responsible to the depositor,” notes Rustam Rafikov.
Compensation Payments Are Now Faster
Previously, in the event of a bank closure, depositors had to wait up to 83 days to receive their funds. The new law significantly reduces this period:
- 20 working days – immediately after the law takes effect.
- 15 working days – from 2026.
- 7 working days – from 2027.
Why Is Keeping Money in a Bank the Best Choice?
According to Rustam Rafikov, bank deposits offer numerous advantages compared to keeping cash at home:
Protection from inflation – Cash loses its purchasing power over time, while deposits help preserve capital through interest rates.
Security – Cash is vulnerable to theft, loss, and fire, whereas bank deposits are protected by government guarantees.
Convenience and accessibility – Accounts can be managed online, with flexible deposit and withdrawal options.
Additional guarantees – Banks undergo regular audits, maintain capital reserves, and receive ratings from international agencies.
Conclusion
The new law makes Uzbekistan’s deposit system more stable and transparent. The established insurance limit encourages depositors to distribute their funds across multiple banks, reducing risks, while also motivating banks to maintain financial stability and a strong reputation to attract new customers.