From today onwards (from March 10, 2018) the electronic service  “ Apply online for authentication of depositors’ ID document data” provided  by the Deposit Insurance Fund, will be available to citizens over the Electronic Government  portal.

Thus, depositors will be able to submit online application to the Fund through the portal for authentication of deposit data without going anywhere. For this end, first of all it is important to register by using one of the four authentication tools provided by the Electronic Government portal.

Citizens’ identity card data will be first displayed on the screen.

Other essential information required on the application is added by the citizen himself. The user adds contact phone number, number of deposit agreement, e-mail and date of deposit agreement, selects the appropriate bank according to  bank category, then adds the deposit agreement, confirms the data contained in the application and sends it by clicking on the “Send” button.

The Deposit Insurance Fund was established by the Decree of the President of the Republic of Azerbaijan Ilham Aliyev dated 9 February 2007, and started functioning on August 12, 2007. The objective of establishing the Fund is to prevent the risk of loss of cash deposited by individuals when banks and local branches of foreign banks are unable to pay their debts and to ensure the stability and development of the financial and banking system in the Republic of Azerbaijan.

All banks and local branches of foreign banks having banking licences for attraction of deposits from individuals are mandatory participants of the Fund. Deposits in branches of participating banks outside the Republic of Azerbaijan are not insured by the Fund and compensation is not paid for them.