‘Raising the maximum insurance sum on deposits up to 700,000 RUR is a logical and long-awaited step on the way to the deposit insurance system’s further development. In fact, the sum has already been raised several times before,’ SKB-Bank’s Sales Support Director Denis Belogurov said to UrBC.

Meanwhile, the state-run Deposit Insurance Agency’s Board of Directors admitted recently that it was possible to increase the amount from 400,000 RUR to 700,000 RUR.

‘People have been keeping increasingly more money on deposits over the last few years, so raising the insurance sum is definitely a timely step. This measure will prove it to the citizens that their bank deposits are safely protected. The system has already proved efficient in the four years of operation and the compensation mechanism works smoothly,’ he added.