The Deposit Insurance Agency announced that by the end of September 2024, insured funds in the accounts of citizens, entrepreneurs and micro, small and medium-sized legal entities in Serbian banks totaled €31.3 billion. This marks an increase of nearly €3.6 billion compared to the same period in 2023.
Approximately two-thirds of all insured deposits belong to individuals, with around 13.5 million deposit accounts reported. The Agency highlighted this announcement in conjunction with World Savings Week.
The Deposit Insurance Agency noted that the upward trend in bank deposits has been ongoing since 2008. From €7.3 billion at the end of 2008, the total insured deposits have more than quadrupled to the current figure.
The average annual growth rate of insured deposits over the past 16 years has been about 10 percent.
Ninety-nine percent of citizens are fully covered by the deposit insurance system, as the total amount held in any single bank does not exceed €50,000.
While citizens primarily hold their savings in euros, there has been a significant increase in dinar deposits. This is attributed to higher interest rates on dinar savings compared to foreign currency accounts, favorable tax treatment (as interest income on dinars is not taxed), and the relatively stable exchange rate of the dinar against the euro.
In light of World Savings Week, the Deposit Insurance Agency reminded depositors that funds kept in banks are legally protected up to €50,000. In the event of a bank entering bankruptcy, the Agency is committed to starting payouts for insured deposits within a maximum of seven working days.
All depositors’ funds are safeguarded across all accounts, regardless of type or currency, with every bank in Serbia participating in the deposit insurance system. This protection is offered to bank clients at no additional cost.
