Finance

Finance

Returning process of USSR bank savings in Azerbaijan to cover more than 2 mln persons

16 March 2012 13:32 (UTC +04:00)

According to Ministry of Finance, Azerbaijanâ€™s successes in socio-economic sphere during past periods, macroeconomic stability, increase of financial funds of the country has allowed to repay supplementary assistance to the USSR bank savings in Azerbaijan Republic Bank which lost value during the high inflation in the beginning of 90s: â€œTaking these successes into consideration, head of state has signed an order on returning of lump-sum payments to te depositorsâ€œ.

According to both USSRâ€™s and Azerbaijanâ€™s rules, government responsibility was not considered for Savingâ€™s Bank liabilities. These funds are supplementary assistances for population allocated by the state due to successes in e socio-economic sphere of Azerbaijan and the sums are determined by the state.

Relevant rules to provide the fulfilment of this order were approved and returning mechanism of lump-sum payments was determined.

This process will start from June 2012 and complete by December 31, 2013. Persons can apply for receiving the payments from June 1, 2012 to December 31, 2013. Kapital Bank and its branches will provide the payments.

Therefore, if the account balance of the depositor of less than two thousand (subject to the above calculation is 0.04 AZN), then for every penny remainder of the deposit will be paid an amount of AZN 75. If the balance amount is from 2 to 5 thousand rubles (from AZN 0.04 to 0.1), the compensation in amount of AZN 300 plus AZN 0.04 for every penny spent in excess of 50 AZN. If the balance of contributions from 5 thousand to 10 thousand rubles (from AZN 0.1 to 0.2), the compensation is AZN 600 + 40 for every penny spent in excess of AZN 0.1. Further, if the remainder of the contribution of more than 10 thousand rubles (more than AZN 0.2), the payout is AZN 1000 plus 25 for every penny spent in excess of AZN 0.2.

For the lump sum, investor must apply to the Kapital Bank with an appropriate statement, which should be included pension savings book (or its substitute document) and proof of identity. If the investor changed his name or surname, it should provide this notarized document. If the money gets the heir, then he/she should be granted a document on property rights.

If the investor has lost his savings account, it must provide the necessary information to the bank (account number, amount, etc.), which in turn will compare the information in your records, points of contention will be a special commission to investigate.

Only citizens of Azerbaijan can receive compensations and that is why they must present ID card of Azerbaijani citizen.

According to decree, a Special Commission will be established for controlling of disputable issues during repayment process.