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Czech Deposit
Insurance System

It is difficult to overestimate the benefits of protection from the effects of external influences or unfortunate events. Such protection usually pays off. This is particularly true with regard to the funds. Fortunately, deposits with financial institutions (banks, building and loan associations and credit unions) in the EU are automatically insured by law.

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The institution that originally provided bank deposit insurance in the Czech Republic was the Deposit Insurance Fund, established by law in 1994. Currently, the reimbursement of bank deposits in the Czech Republic is provided by the Financial Market Guarantee System (the “Guarantee System”), which was established on January 1, 2016 on the platform of the Deposit Insurance Fund.

Deposits and reimbursements

All non-anonymous bank account deposits of natural persons and companies are insured for up to the amount corresponding to EUR 100,000 per eligible person within one bank, and it is not decisive whether the person has the funds deposited in one or more accounts. Thus, all balances on current and savings accounts and term deposits up to the total amount stated above are insured. Deposits in CZK and foreign currency are equally insured. Deposit reimbursement is paid in the currency of the country, in the insurance system of which the bank participates, regardless of the account currency. For example, if a deposit in EUR is reimbursed at a bank domiciled in the Czech Republic, the refund amount will not be paid in EUR, but in CZK at the exchange rate of the Czech National Bank as of the record date.

Reimbursement must be paid within 7 business days from the record date. The record date is the day when the Guarantee System received a written notification from the Czech National Bank of the financial institution's inability to fulfil its obligations to entitled persons under legal and contractual conditions, or the day on which a local or international court delivers a decision on bankruptcy or other decision for reasons directly related to the unfavourable financial situation of a financial institution, which leads to the suspension of the right of depositors to dispose of insured deposits. Information on the starting date and method of reimbursement is published on the website of the Guarantee System, in the media, on the website of the insolvent institution and the paying bank.

Act on Banks

Starting from January 1, 2016, the Act on Banks in certain cases stipulates the possibility of paying an increased reimbursement for insured deposits of natural persons up to an additional amount equivalent to EUR 100,000 (in total up to EUR 200,000) per one entitled person within a bank. An increased reimbursement may be paid in certain emergency situations, such as inherited/payable on death deposits, division of property of spouses during divorce, sale of residential property, an accident, illness, disability or death. Such deposit must be made within 3 months before the record date.

Request of a deposit reimbursement

A request for payment of an increased reimbursement amount must be submitted within 2 months from the record date. The request must be provided along with the necessary documents and evidence of eligibility for reimbursement. In particular, it should be noted that in order to be entitled to an increased amount of reimbursement, a deposit must be directly related to the relevant life circumstance. For example, funds from the sale of real estate should be sent directly to the entitled bank by the buyer or intermediary. If the buyer or intermediary initially deposited the funds to an account with another bank, and the depositor subsequently transferred the funds to the entitled bank, the right to an increased reimbursement amount is not granted, and the depositor will only be entitled to a standard reimbursement up to the amount equivalent to EUR 100,000. Similarly, for example, in the case of insurance reimbursement on the basis of an accident, illness, disability or death, the insurance must be deposited with the entitled bank directly by the insurance company in accordance with the concluded insurance contract. If the depositor transfers these funds to another bank, he/she is not entitled to an increased reimbursement amount, but only to an amount which does not exceed an equivalent to EUR 100,000.

The reimbursement period shall not exceed 3 years from the date of its commencement (i.e., the depositor may receive reimbursement at any time from the date on which the reimbursement payment is commenced until the expiration of a 3-year limitation period). Reimbursement is paid by the bank selected by the Guarantee system in relation to the relevant insured event, in cash or in the form of a non-cash transfer.

The deposit insurance system does not apply to funds invested through contractual partners of Expobank CZ a.s. (for example, via partner services within the NEO account). However, the balance of the NEO account, other current and savings accounts and term deposits with Expobank CZ, of course, is insured by law.

Further information can be found on the website of the Guarantee System - https: //

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WARNING: The published material is not legally binding and is not financial, investment, legal or other advice. For more information on the topic, please contact the Financial Market Guarantee System directly.

This material is not an information overview concerning the deposit insurance system in the sense of the provisions of Section 11 of Act No. 21/1992 Coll ., on Banks, as amended, as well as in the sense of the Decree of the CNB No. 12/2016, on the depositor information template concerning the deposit guarantee scheme for the client, nor it is a replacement of such information. The above overview of the deposit insurance system is available on the website of Expobank CZ a.s. at in the section - Information subject to disclosure -> Documents -> Deposit insurance system (PDF).​​​​​​​

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