Banks do sometimes lose their licences, including in Uzbekistan. At that moment a depositor’s main question is: will I get my money back, and how much? The deposit guarantee system answers that. Its rules changed significantly in 2025, so what you heard a few years ago may no longer be true.
Then and now
Previously, the 2002 law "On guarantees of protection of citizens’ deposits in banks" applied, and payouts were ensured by the Fund for Guaranteeing Citizens’ Deposits in Banks. Citizens’ deposits were guaranteed in full, regardless of the amount.
A new Law "On guarantees of protection of deposits in banks" (No. 1031) was adopted on 18 February 2025 and took effect on 19 February 2025. Key changes:
- the guarantee is now capped at 200 million so‘m per depositor per bank;
- the system is run by the Deposit Guarantee Agency (Omonatlarni kafolatlash agentligi), website fgd.uz;
- coverage extends to individual entrepreneurs and legal entities;
- payout deadlines are getting shorter.
What is covered
- fixed-term and savings deposits;
- demand deposits and balances on bank accounts, including card accounts;
- accrued interest, which counts toward the limit;
- deposits in so‘m and in foreign currency.
Compensation for foreign-currency deposits is paid in so‘m at the official Central Bank rate on the date of the guarantee event.
How the 200 million limit works
The limit applies per bank. All your deposits and accounts in one bank are added together with interest.
| Situation | Guaranteed |
|---|---|
| 150m so‘m in Bank A | 150m — all of it |
| 350m so‘m in Bank A | 200m; 150m not guaranteed |
| 175m in Bank A and 175m in Bank B | 350m — all of it |
| 195m deposit + 10m accrued interest in one bank | 200m; 5m not guaranteed |
The excess is not automatically lost, but it can only be recovered through the bank’s liquidation, if assets remain — which can take a long time.
Deposits opened before 19 February 2025
Deposits opened before the new law took effect remain fully guaranteed regardless of amount. According to explanations published when the law was adopted, this applies to fixed-term and savings deposits, and the 200 million cap applies once a contract is extended or renewed after the law took effect. If you hold a large "old" deposit, ask your bank how it will be renewed.
What is NOT protected
Not guaranteed deposits: bonds, certificates and other securities issued by banks; subordinated debt; safe deposit box contents; derivatives and trust-management assets.
Excluded deposits: those of banks, insurers and other financial institutions; government organisations; foreign branches of banks; individual pension savings accounts; funds obtained illegally (by court decision).
Outside the system altogether: money in apps and e-wallets of companies that are not banks (payment services, fintech platforms); investments in stocks, funds, crypto or gold; loans to "private investors" and P2P platforms.
If an app promises "deposit-like returns", check who actually holds your money. The guarantee covers only deposits in banks that participate in the system.
How payouts work
- The Central Bank revokes the bank’s licence — a guarantee event occurs.
- A register of depositors is compiled and the Agency appoints an agent bank.
- You visit the agent bank with ID and receive the money to an account or card.
Payouts must start within 20 working days in 2025, 15 in 2026 and 7 from 1 January 2027. If you miss these dates, your right to compensation remains.
How to check a bank’s licence
- Open cbu.uz and find the list of head offices of commercial banks in the credit organisations section.
- Make sure the bank is listed; compare the name, licence number and official website.
- Download the app only via the link on the bank’s official site.
If a company is not on the list of banks, it is not a bank — and money in its "deposit" is not guaranteed.
Myths about the guarantee
- "The state guarantees everything." Not since 2025 — new deposits are capped at 200 million so‘m per bank.
- "Dollar deposits are repaid in dollars." Compensation is paid in so‘m.
- "Interest above the limit is paid too." Interest counts toward the same 200 million limit.
Practical rules
- Keep no more than 200 million so‘m in one bank, including interest that will accrue by maturity.
- Split a large sum between 2–3 reliable banks.
- Don’t pick a bank by the highest rate alone: with a capped guarantee, bank reliability matters again.
- Keep contracts and statements.
Next step
Open the ONPUL deposits section: compare current bank offers and plan how to split your money so every part stays within the guarantee.