Rajkai Takarék

National Deposit Insurance Fund of Hungary

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National Deposit Insurance Fund of Hungary

What is deposit insurance?

Deposit insurance protect your saving in the banks and also the Hungarian financial stability.


Until 1993 deposits were unlimitedly guaranteed by the state. This year, the birth of the market economy based foundation deposit insurance system, which is operated by the National Deposit Insurance Fund (NDIF). Deposits taking into banks prior the NDIF operation still state guaranteed.


The NDIF governed by independent board consists of representatives of which participate in the domestic financial sector all the players. The NDIF audited by State Audit Office, which shall report to the Parliament. The NDIF is not authority, but his duties in order to have the necessary powers, and works closely with the financial regulatory bodies. The NDIF requires regular payments from the member institutions and the resulting return on accumulated wealth of its task. In addition, in order to compensate depositors, may order special payment of fees among its members, or may apply for loans having government guarantee.

How the deposit insurance works?

If a banks became insolvent, NDIF pays compensation for its depositors within 20 working days. The upper limit of payment is defined by law to be EUR 100 000, the payment is made in Hungarian forints calculated at the foreign currency rate valid on the day preceding the start date of compensation.

Three major points in the functioning of insurance by NDIF:

  • In the event credit institutions become insolvent, NDIF pays compensation after the named deposits.
  • The payment limit is maximum EUR 100 000 (calculated into Hungarian forints).
  • The NDIF insurance is valid for each credit institution respectively. What it means is that if a depositor deposits money in multiple banks, they are insured in each bank up to the limit defined in law.

 For more details, visit www.oba.hu/en

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