The Central Bank issued a requirement to commercial banks to exclude provisions from deposit agreements that restrict clients' right to receive their own funds.
During an inspection, it was found that documents of several banks contained clauses that relieved the bank of responsibility for early repayment of the deposit. These restrictions related to situations such as mass riots, street protests, armed attacks, or the insolvency of the financial institution.
Nevertheless, according to current legislation, the bank is obliged to return the entire deposit amount or part of it to the depositor upon request, regardless of the type of deposit. Consequently, any contractual terms limiting this right are legally invalid.
In light of the above, the Central Bank strongly urged commercial banks to conduct a thorough review of all active deposit agreements and promptly remove any provisions that contradict established legal norms.
