Azerbaijan, Baku / Trend / The Azerbaijan Deposit Insurance Bank includes the following thirty banks: Khalg Bank, AtaBank, International Bank of Azerbaijan, Bank of Microfinancing, Azеrdеmiryolbank, Melli Iran Banki, Azer-Turk Bank, Bank of Azеrbaijan, Bank of Baku, Bank Respublika, Kapital Bank, BANK STANDARD, Azeriqazbank, Muganbank, Nikoyl, a branch of the National Bank of Pakistan, Rabitаbank, Royal Bank of Baku, Texnikabank, Turanbank, commercial UNIBank, Yapi Kredi Bank Azerbaijan, Zaminbank, stock commercial Parabank, stock commercial Ganja bank, stock Аmrahbank, United credit bank, "Azerneqlijjatbank", Atrabank, and commercial Dekabank, according to the report of the fund.
The membership fee is AZN 10,000. Each member bank has a special certificate. The deposits of the branches located outside of Azerbaijan will not be insured.
In accordance with Azerbaijan's Law on Deposit Insurance, if an insurance situation occurs that is if a member bank is forcedly liquidated, bankrupted, or a moratorium is applied regarding the deposits, the Fund gives a guarantee for payment of a compensation to depositors.
The depositors of a bankrupted bank can apply to the Fund within a year. Within ninety days after an appeal is submitted the compensation must be paid. In all cases the right of a depositor for compensation within five years is preserved.