Azernews.Az

By Aynur Jafarova

The payment of lump-sum compensations to depositors of the Azerbaijani branch of the former USSR Savings Bank will be completed on December 31, 2013, the Finance Ministry said on December 26.

"The vast majority of citizens who had deposits already received compensation. Also, some of those, who have submitted documents in the prescribed manner to the special commission for issuing lump-sum payments under the Finance Ministry, haven't yet applied to the branches of Kapital Bank - the bank responsible for issuing compensation as the successor of the Savings Bank of Azerbaijan SSR- to receive them," the ministry said.

The Finance Ministry reminded the public that payments will expire soon and asked citizens who have not received compensation to apply to the relevant branches of Kapital Bank before the end of 2013.

The problem of Soviet-era deposits' payback to the population was solved last year and as of July 1, some 1,619,938 depositors (or their heirs) have received compensation in the amount of 597 million manats.

According to the projections, the individual lump-sum payments to depositors of the Savings Bank of Azerbaijan SSR will cover 2.4 million citizens in Azerbaijan -- which has population of over 9.3 million.

The depositors are owners of personal deposit accounts. According to preliminary estimates of the Finance Ministry, funds amounting to about 1 billion manats will be required to provide these benefits.