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Deposit Insurance Information

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1. Main information on deposit insurance

Deposits held with Revolut Bank UAB are insured by the Lithuanian State Company "Deposit and Investment Insurance".


Insurance coverage limit: up to EUR 100,000 for a single depositor for all his/her deposits held with Revolut Bank UAB*.


In case you have several deposits with Revolut Bank UAB all your deposits held with Revolut Bank UAB are aggregated and the insurance coverage limit of EUR 100,000 applies to the total amount of your deposits*.


In case you have a joint account with one or more other persons the EUR 100,000 limit applies individually for each depositor**.


The maximum period of time for the deposit insurance compensation to be paid, if Revolut Bank UAB fails to meet its obligations, is 10 working days***.


The deposit insurance compensation payment currency: Euro.

Contact information:

State Company "Deposit and Investment Insurance"

Address: Algirdo str. 31, LT-03219 Vilnius

Telephone: +370 5 213 5657

Fax: +370 5 213 5546

Email: idf@idf.lt

More detailed information: www.iidraudimas.lt.


Notes:

* If a deposit is not returned as a result of an inability of Revolut Bank UAB to fulfil its financial obligations, the State Company "Deposit and Investment Insurance" shall pay the deposit insurance compensation for deposits to the depositors. The maximum amount of insurance compensation for deposits with Revolut Bank UAB for a single depositor is EUR 100,000. The amount of deposit insurance compensation is determined by aggregating all the deposits held with Revolut Bank UAB. For instance, if a depositor has a savings account with relevant account balance of EUR 90,000 and a current account with relevant account balance of EUR 20,000, the amount that will be paid to such depositor as insurance compensation will be only EUR 100,000.


In some specific cases (funds from the sale of a residential property owned by a depositor transferred to the depositor's account no more than 6 months before the occurrence of the deposit insured event; funds inherited by a depositor as legatee or legal successor; funds received by a depositor as a beneficiary under a life insurance contract or under any other similar contract in the event of death; funds received by a depositor as a compensation or benefit in the cases and under the conditions provided for by law due to fatality of another person when performing his/her professional or official duties; benefits or compensations for damage rendered by violent crimes), the deposit coverage will be greater than EUR 100,000. More detailed information is available at www.iidraudimas.lt.


** If you hold a joint account with another (other) person (persons), the insurance coverage limit of EUR 100,000 applies to each joint owner of the deposit.


*** Deposit insurance compensation payment. The institution responsible for the deposit insurance scheme is the State Company "Deposit and Investment Insurance" (address: Algirdo str. 31, LT-03219 Vilnius, tel.: +370 5 213 5657, fax: +370 5 213 5546, email: idf@idf.lt), website: www.iidraudimas.lt. It will compensate your deposits (up to EUR 100,000) no later than within:

  • 15 working days since 1 January 2019 till 31 December 2020;
  • 10 working days since 1 January 2021 till 31 December 2023;
  • 7 working days since 1 January 2024.


If until 31 December 2023 deposit insurance compensations are not paid within 7 working days since the day of occurrence of the deposit insured event, starting from 16 May 2016, at a depositor's request, he or she will be paid, within 5 working days as of the receipt of a relevant request, a portion of the deposit insurance compensation equal to the minimum monthly wage not exceeding, however, the sum total of the depositor's deposits eligible for insurance (advance deposit insurance compensation).


If within said periods no insurance compensation was paid to you, you should contact the State Company "Deposit and Investment Insurance". More detailed information is available at the following website: www.iidraudimas.lt.


2. Other relevant information

When are deposits covered?

In principle, almost all deposits of retail depositors and corporate depositors are insured by the State Company "Deposit and Investment Insurance".


Exceptions applied to certain deposits are provided at the website of the State Company "Deposit and Investment Insurance": www.iidraudimas.lt. They can also be found below. Revolut Bank UAB, at your request, will also inform you whether a product is or is not covered by insurance. If deposits are insured, Revolut Bank UAB will confirm this in your account statement, whilst simultaneously referring you to this depositor information.


When are deposits not covered?

Deposits not covered by insurance:

  1. deposits made by other credit institutions on their own behalf and for their own account;
  2. Revolut Bank UAB own funds;
  3. deposits with respect to which criminal conviction has been imposed in connection with money laundering;
  4. deposits of financial institutions;
  5. deposits of management companies;
  6. deposits of financial brokerage firms;
  7. deposits whose owners' identity has not been established (deposits held in anonymous and coded accounts);
  8. deposits of insurance and reinsurance companies, and insurance and reinsurance companies established in other member states and third countries
  9. deposits of collective investment undertakings;
  10. deposits of pension funds;
  11. deposits of state and municipal institutions as defined in the Republic of Lithuania Law on the Civil Service, except for funds belonging to other persons and held in deposit accounts of such institutions and entities;
  12. deposits of the Bank of Lithuania;
  13. debt securities issued by the participant of the insurance deposit scheme itself and its liabilities related to its acceptances and promissory notes;
  14. electronic money and funds received from electronic money holders in exchange for electronic money.

Deposits of the above entities are not subject to deposit insurance, regardless of the law of the country in which these entities are established.

What are the restrictions on payment of deposit insurance compensations?

Deposit insurance compensations are not paid:

  1. in case of the deposits, funds, money, securities and liabilities that are not covered by insurance (as indicated above);
  2. to depositors for their deposits in an account, where no operations related to the deposit have been carried out in the 24 months preceding the day of the insured event, and the amount of the deposit held in it is lower than 10 euros.
  3. depositors or other persons who are entitled to a deposit insurance compensation and who have been convicted of money laundering and / or terrorist financing in connection with the unlawfulness of the acquisition of money held as deposits.

When payment of insurance compensation can be postponed?

In cases described under the Law on Insurance of Deposits and Liabilities to Investors of the Republic of Lithuania (more detailed information can be found at www.iidraudimas.lt) payments of insurance compensations can be postponed, for example, if there is a lack of data to justify the right to the deposit insurance compensation, or there is a judicial dispute over the deposit, or the depositors' right to dispose of a deposit is limited.