Azerbaijan simplifies payments to the deposit insurance fund

The Deposit Insurance Fund has created new opportunities for online payments as part of its digitalization efforts.
As 1news.az reports, this was stated by Aygun Balieva, deputy director of the Financial Department of the Deposit Insurance Fund, at the Forum of Dialogue and Cooperation organized on the occasion of National Press Day.
According to her, the Fund is implementing various projects and introducing new services in the field of digitalization:
“Citizens can now make online the payments that were previously made only in person. Currently, payment is possible both through payment terminals and through the official website of the Deposit Insurance Fund.”
Balieva noted that when an insured event occurs, the Central Bank first sends a notification to the Fund:

• Notification: After that, the Fund publishes the first official announcement on its website and in the media.
• Selection of a bank: At the next stage, an agent bank is selected and compensation payments begin.
• Deadline for application: From the date of publication of the first announcement, depositors are given 1 year to apply for compensation.

According to her, in cases provided for by law, this period can be extended to 5 years:
“For example, if the depositor was outside the country during that year, was ill, or there were other valid reasons established by law, the application period can be extended. In general, the maximum period is 5 years. After this period expires, the right to receive compensation on the insured deposit is lost, and the funds are paid in the general procedure applied to uninsured deposits.”