Small depositors to receive their indemnities from tomorrow on
The National Deposit Insurance Fund (NDIF) starts the indemnification of the more than 15 thousand depositors of Soltvadkert és Vidéke Savings Association tomorrow. The Hungarian Post starts delivering the indemnity amounts up to one hundred thousand Forints to the depositors on Wednesday. The affected depositors will receive guidance on the receipt of the amounts not exceeding one million Forints by post. It was the fast processing of the data of the savings association that allowed that the payments could start within five work days. All the depositors with clear eligibilities will receive their payment settlements by Friday. The total amount of the indemnities exceeds 33 billion Forints.

NDIF is to pay indemnities of a total amount of 33.2 billion Forints to the 15,332 depositors of Soltvadkert és Vidéke Savings Association. 90% of the depositors are private individuals, and the average size of deposits kept with the savings association exceeded the national average, as it amounts to 2.4 million Forints. The indemnification affects the citizens of as many as seven countries.

“The basis that all kinds of indemnification procedures rest on is the quality of IT data. We processed and checked the client data that we had received with strained efforts in the past few days, in order to be able to determine the accurate Forint amounts of the indemnities required by law for all the affected depositors. Besides the due diligence that we applied in each phase of the high-volume indemnification process, the key requirement was to ensure that the depositors receive their money as soon as possible, even within the twenty-work-day deadline required by law,” – said NDIF’s Managing Director Mr. András Fekete-Győr.

The depositors of the Soltvadkert és Vidéke Savings Association are indemnified in three different ways:

  • Up to an indemnity amount of 1 million Forints: the depositors will receive their money up to an amount of one hundred thousand Forints from the postal delivery agent from Wednesday onwards, or the notice necessary for receiving their money in the case of indemnity amounts between one hundred thousand and one million Forints.
  • Indemnity amounts between 1 and 5 million Forints: The depositors will receive the secret PIN codes necessary for using the cards from Wednesday onwards, then on Friday the cards and the payment settlements. By using these cards, they will be able to withdraw money from OTP Bank’s cash machines, at one of the branches of OTP Bank, or at the post office.
  • Those depositors who receive indemnity amounts exceeding 5 million Forints will receive their payment settlements from Wednesday onwards, by using which they can get access to their money at one of the branches of OTP Bank from Thursday.
Key figures of the NDIF indemnification procedure

The total insured deposit portfolio of the Savings Association (including interests and principal) is 37.7 billion Forints.

Of this amount, NDIF’s indemnification liability (including interests and principal), up to a HUF 28,962,000.- amount equivalent to 100,000 euros (including blocked deposits, items to be verified) is 33.2 billion Forints.

Number of insured depositors eligible for indemnification: 15,332

Of this:

  • Private individuals: 13,724
  • Businesses, social organizations (limited liability companies, limited partnerships, associations, sole traders, churches, etc.): 1,376
  • Joint ownership entities: 232

The oldest depositor indemnified by NDIF was born in 1911, while the youngest one is 5 months of age.

The oldest deposit was placed in 1982.

The average deposit size is 2.4 million Forints in the case of private individuals, while the respective amount is 2.1 million Forints in the case of legal entities.

Amounts below HUF 500 not payable under the law: 540 items (total amount: 119 thousand Forints)

The NDIF indemnification of the depositors of the Savings Association affects the citizens of six different countries, i.e. those of Austria, Germany, Romania, Great Britain, Switzerland and Sweden. The largest deposit size in the case of foreign depositors is 17 million Forints.

Volumes by modes of payment on June 26, 2012 (including both private individuals and legal entities):


(heads, pieces)


(HUF billion)

Up to 1 million Forints (via the Hungarian Post)



Between 1 and 5 million Forints (by using the NDIF Deposit Insurance Card)



Over 5 million Forints (via OTP Bank)






Interest tax

Pursuant to the effective statutory requirements, NDIF will deduce the amounts of the interest income tax from the interests due to the private individuals and pay these to the tax authority. The total amount of interest income tax deduced from the 13,724 private individuals eligible for NDIF indemnification is 66.4 million Forints.

Key data of deposits not eligible for NDIF indemnification

The number of depositors with deposits exceeding the NDIF indemnification limit, i.e. HUF 28,962,000 is 101 (total amount: 3.7 billion Forints).

Average deposit size exceeding the NDIF indemnification limit: 36.6 million Forints

The highest individual deposit amounts exceeding the NDIF indemnification limit:

  • In the case of private individuals: 149 million Forints
  • In the case of businesses: 870 million Forints

Deposits not insured by NDIF, excluded from deposit insurance by the provisions set out in Paragraph (1), Section 100 of the Hpt (Act on Credit Institutions and Financial Enterprises):

  • Number of municipalities: 9 (amount: 270 million Forints)
  • Number of credit institutions: 2 (amount: 42 million Forints)
  • Deposits of owners, executives and persons sharing the households thereof: 16 (amount: 328 million Forints)

State guarantee

Number of deposits not insured by NDIF, placed prior to July 1, 1993 (before the NDIF insurance entered into effect), for which the state guarantee before 1993 remains valid: 276 (total amount: 15.8 million Forints)

If you have any questions regarding the NDIF indemnification process, please, call NDIF’s local tariff, round-the-clock customer service blue number +36-40-918-918, which is available to the clients during the entire indemnification period.

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To the editor



The bank deposits placed in credit institutions registered in the territory of the EU are insured by the national deposit insurance institution established in the country of incorporation. Since 1993, all the credit institutions (banks, savings associations, credit unions, home savings funds) holding an operating license in Hungary have been obliged to join NDIF and pay accession and annual fees. The key responsibility of NDIF, which supports the stability of the Hungarian banking system, is to indemnify depositors from the accumulated funds in the case of frozen deposits. See the valid rules of deposit insurance on the homepage of NDIF (, in the downloadable client information publication entitled “Compass to Deposit Insurance”.


Act CXII of 1996 on Credit Institutions and Financial Enterprises regulating the operations of NDIF, as amended several times

NDIF indemnification

In the case of closing a credit institution (commonly known as bankruptcy), the eligible depositors are indemnified by NDIF within 20 work days, aggregately by private individuals and credit institutions, up to a maximum amount of 100 thousand euros. The indemnity paid in Forints in each case refers to both the principal and interest amounts of the frozen deposits. Brief information on the process of indemnification is available on the homepage of NDIF.

Paying agent bank

NDIF has concluded master agreements for participation as paying agents with several credit institutions with official seats in Hungary and with extensive branch networks. This means that the paying agent(s) contribute(s) to the process of indemnification with their payment functions in the case of mass payments. The clients may withdraw the amounts maintained for them from the paying agent in cash, they may place these amounts as deposits or as other savings products at the bank, or they may transfer these amounts to a bank account that they have opened. The clients should visit one of the branches of the paying agent.

NDIF customer protection logo

The bank products provided by NDIF are easy to recognize from the deposit insurance customer protection logo to be mandatorily used from March 1, 2012. The application of the logo is controlled by NDIF during its credit institution audits and it is also monitored by the Hungarian Financial Supervisory Authority:

NDIF member institutions

On May 31, 2012, NDIF counted as many as 164 member institutions, namely 3 home savings funds, 4 credit unions, 31 banks and 126 savings associations.