Who is protected by the deposit guarantee scheme
Deposit guarantee is based on per depositor per bank principle, i.e. each depositor is entitled to guarantee in each member bank of the deposit guarantee scheme in Bulgaria.
BDIF guarantee covers deposits of Bulgarian and foreign individuals and companies in national and foreign currency in the amount of up to BGN 196,000 (ЕUR 100,000).
Deposits are funds in a bank account of any of those types: current account, debit card account, deposit, savings, accumulation account, or one opened in the name of one or more persons. Deposit insurance is applicable also to credit balances, which the bank shall repay to its customers under the terms provided by law or a contract signed.
Excluded form coverage by virtue of the law are deposits of banks when they are made on their own behalf and for their own account as well as deposits of financial institutions, insurers and reinsurers, pension insurance companies and funds for mandatory and voluntary pension insurance, investment firms, collective investment schemes, national investment funds, alternative investment funds and special investment purpose companies, guarantee funds, and budget organisations.
Deposits connected to transactions or actions constituting money laundering are also excluded from guarantee, provided the sentence is effective.
No guarantee is provided on deposits whose holder has not been identified as of the date of license revocation or declaration of unavailability of deposits.
All banks licensed by the Bulgarian National Bank to accept deposits are obligated to participate in the deposit guarantee scheme.
Deposits with branches of Bulgarian banks operating in EU member states are also covered.
Deposits with operating in Bulgaria branches of banks seated outside EU are obligated to participate in the Bulgarian scheme in case the home country does not provide guarantee.
Branches of EU-member states’ banks do not participate in the deposit guarantee system in Bulgaria as they are guaranteed by the respective deposit guarantee scheme of the home country.
As of date BDIF guarantee covers deposits with these member banks.