Annual report pursuant to Section 13 and 15(d)

CUSTOMER LIABILITIES

v3.23.2
CUSTOMER LIABILITIES
 12 Months Ended
Mar. 31, 2023
Contract with Customer, Liability [Abstract]  
CUSTOMER LIABILITIES CUSTOMER LIABILITIES
The Company recognizes customer liabilities associated with funds held by our brokerage and bank customers. Customer liabilities consist of:
March 31, 2023 March 31, 2022
(Recasted)
Amount Interest rate Amount Interest rate
Interest-bearing deposits:
Term deposits $ 832,751 
0.1% -16.9%
 164,837 
0.01%-14.3%
Total Interest-bearing deposits $ 832,751  $ 164,837 
Non-interest-bearing deposits:
Current customer accounts $ 458,954  $ 81,447 
Brokerage customers $ 633,542  $ 519,344 
Total non-interest-bearing deposits $ 1,092,496  $ 600,791 
Total customer liabilities 1,925,247  765,628 
In accordance with Kazakhstan local law requirements, commercial banks conclude agreements with JSC Kazakhstan Deposit Insurance Fund ("KDIF"), under which banks have to pay commissions to KDIF on a recurring basis, the amount of which depends on the term and demand deposits received by banks from the customers. Under the regulatory agreement, KDIF insures the term and demand deposits up to $44 to each customer. As at March 31, 2023 and March 31, 2022, respectively, Freedom Bank KZ had a total amounts in excess of insured bank time deposits in amounts of $539,411 and $51,818 for all customers.