On February 18, the President of Uzbekistan signed the Law “On Guarantees for the Protection of Bank Deposits,” strengthening deposit security for bank clients. Now, the government guarantees the return of deposits up to 200 million UZS in each bank.
What does this new law mean for depositors?
Rustam Rafikov, Acting Managing Director – Head of Retail Banking at, explained the key changes and why this law enhances the country’s financial stability.
What guarantees are now available to depositors?
- All deposits opened after the law takes effect are insured by the state up to 200 million UZS per bank.
- Previously opened deposits remain fully protected, regardless of the amount.
- If a client has multiple deposits in different banks, the government guarantee applies separately to each bank.
- Protection extends not only to individuals but also to entrepreneurs, including sole proprietors.
Why is there a limit of 200 million UZS?
Globally, governments set a limit on deposit insurance to ensure financial system stability.
“If the state guaranteed 100% of all deposits, it could create a significant burden on the budget in times of crisis. The 200 million UZS limit is optimal—it covers the majority of depositors and ensures faster compensation payouts if needed,” explains Rustam Rafikov.
What if a deposit exceeds 200 million UZS?
Banks continue to fulfill their obligations to clients under normal conditions—the limit only applies in cases of bank liquidation.
“Keeping money in a bank is not only safer but also more profitable than keeping it at home. Even if the deposit exceeds 200 million UZS, the bank remains fully responsible to the depositor,” notes Rustam Rafikov.
Compensation payments are now faster
Previously, depositors could wait up to 83 days to receive compensation if a bank closed. The new law significantly reduces this period:
- 20 working days — immediately after the law takes effect.
- 15 working days — starting in 2026.
- 7 working days — starting in 2027.
Why is it better to keep money in a bank?
According to Rustam Rafikov, bank deposits offer several advantages over cash savings:
- Protection from inflation. Cash kept at home loses purchasing power, while a deposit helps preserve capital thanks to interest rates.
- Security. Cash is at risk of theft, fire, or loss. Bank deposits are protected by state guarantees and regulated by law.
- Convenience and accessibility. Clients can manage their accounts online, make deposits, and withdraw funds at any time.
- Additional guarantees. Banks undergo audits, maintain capital to cover obligations, and receive ratings from international agencies.
Conclusion
The new law makes Uzbekistan’s deposit system more transparent and predictable. The deposit insurance limit encourages depositors to diversify funds across multiple banks, reducing risks, while banks are motivated to maintain financial stability and a strong reputation to attract and retain customers.
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