In the opening six months of 2026, retail deposit volumes in Kazakh banks exceeded 30 trillion tenge, equivalent to nearly $64 billion, for the first time on record. Against that backdrop, the Kazakhstan Deposit Insurance Fund (KDIF) increased its special reserve by 10% to 1.73 trillion tenge.
The KDIF reported that household deposits at banks participating in the deposit guarantee system grew 7% during the first six months of the year. Most of the increase came from deposits denominated in the national currency, which rose 9.5%. Foreign currency deposits, meanwhile, declined 3.4%.
Term deposits drive growth
The fastest-growing products were replenishable term deposits, whose volume surged 167% — or more than 2.5 times — during the first half of the year. Replenishable savings deposits increased 159%.
Housing and education savings deposits grew 12%, while non-replenishable term deposits rose 6%. At the same time, the volume of non-replenishable savings deposits and demand deposits declined.
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With its reserve climbing to 1.73 trillion tenge, the KDIF now holds the equivalent of 6% of Kazakhstan’s total household deposits, according to chairman Adil Utembayev.
He noted that the current reserve level complies with both Kazakhstan’s legal requirements and international practice.
“The reserve must equal at least 5% of the volume of guaranteed deposits. At the end of the first half of the year, this figure reached 5.8%,” Utembayev said.
Fund cites record of meeting obligations
Utembayev said 11 banks have ceased operations in Kazakhstan since the deposit guarantee system was established. In each case, the fund independently fulfilled its obligations to depositors.
For example, payouts to depositors of Tengri Bank totaled 17.8 billion tenge, while the fund’s reserve stood at 604 billion tenge. Payments to depositors of Capital Bank Kazakhstan amounted to 1.7 billion tenge, with the reserve totaling 650 billion tenge.
KDIF’s current coverage limits fully protect 99.8% of all deposit accounts held by individuals in Kazakhstan, including payment card accounts. If a depositor holds multiple accounts at the same bank, the total deposit insurance payout cannot exceed 20 million tenge.
