Dear depositors of JSC 'Nurbank'!
We would like to inform you that, following the instruction of the Head of State on the compensation of time deposits in tenge, the National Bank of the Republic of Kazakhstan has developed a mechanism and approved the Procedure for Compensation of Deposits of Individuals, open in tenge, in connection with the transition to a floating exchange rate regime.
Main Conditions for Compensation Payment
1. Compensation to the depositor will be made if they have a reissued deposit, in accordance with the regulatory document approved by the National Bank of the Republic of Kazakhstan, provided that the amount on the reissued deposit is maintained until September 30/October 31/November 30, 2016, inclusively.
In the event of withdrawal of funds from the 'Educational Savings Deposit' for the targeted purpose, compensation will be paid on the balance as of the end of the business day on August 18, 2015.
2. Compensation payments will be made at the expense of the state according to the following terms and conditions:
No. |
Date of Deposit Reissuance |
Amount to Be Maintained in the Reissued Deposit |
Expected Date for the Bank to Deposit Compensation Amounts into Depositors' Accounts |
|
1. |
from September 14 to September 30, 2015 inclusively |
by September 30, 2016 inclusively |
by October 10, 2016 |
|
2. |
from October 1 to October 31, 2015 inclusively |
by October 31, 2016 inclusively |
by November 10, 2016 |
|
3. |
from November 1 to December 1, 2015 inclusively |
by November 30, 2016 inclusively |
by December 10, 2016 |
The amount of compensation and the procedure for its payment is carried out in accordance with the regulatory document approved by the National Bank of the Republic of Kazakhstan.
3. The compensation amount is calculated according to the formula:
Scompensation — Compensation Amount to be Paid;
T1 — tenge to USD exchange rate as of 18.08.2015*;
T2 — tenge to USD exchange rate as of the respective maturity date specified in the contract / date of no demand for the deposit balance according to the additional agreement*
Sbalance — Amount of the reissued deposit on which the compensation is paid.
* The compensation amount is calculated using the weighted average exchange rate of the national currency to the USD, established at the morning (main) session of the stock exchange at 11:00 AM Astana time on August 18, 2015, and the market rate of the national currency to the USD as of September 30, 2016, October 31, 2016, November 30, 2016.
Key Questions and Answers about Compensation Payment
1. Who can receive compensation?
Answer: Bank depositors who, as of the end of the business day on August 18, 2015, had a balance of up to 1,000,000 (one million) tenge in their tenge time deposit, which was subsequently reissued for the purpose of receiving compensation.
2. What is required to receive compensation?
Answer:
The reissuance of educational deposits is done by signing an additional agreement to the bank deposit agreement.
3. Will compensation be paid if the balance was less than 1,000,000 (one million) tenge as of the end of the business day on August 18, 2015, and there was an early/planned closure after August 18, 2015?
Answer: Yes, such deposits will be compensated by arranging a new deposit for an amount not exceeding the balance as of the end of the business day on August 18, 2015, on the deposit eligible for compensation.
4. When will the compensation be paid?
Answer: The compensation will be paid according to the approved schedule in October, November, and December 2016, depending on the date the deposit was opened or the additional agreement was concluded.
5. In which cases will no compensation be paid?
Answer: Provided that the amount in the reissued deposit is not maintained until September 30 / October 31 / November 30, 2016, inclusively, except for withdrawals for the intended purpose (for educational purposes from the 'Educational Savings Deposit').
6. What limitations are in place if there are multiple deposits in the Bank?
Answer: If the depositor has multiple deposits eligible for compensation, the deposits will be reissued individually. A corresponding application is made for each individual deposit, and a bank deposit agreement/additional agreement to the bank deposit agreement is entered into. Please note that the amount of each reissued deposit must not exceed the deposit balance as of the end of the business day on 18.08.2015.