Double insurance: Russia relaunches irrevocable savings certificate
The insurance limit for irrevocable savings certificates is going to be doubled to 2.8 million rubles. What are the features of this type of savings, how it differs from deposits and other savings instruments - in the material of "Izvestia".
Insurance limit
The Ministry of Finance together with the Bank of Russia has developed a bill that provides for an increase in the maximum limit of insurance compensation in the system of compulsory insurance of deposits in banks (CER) to 2.8 million rubles (from 1.4 million rubles). Deposits can be made only in rubles, the term of placement - from three years. They are certified by irrevocable savings certificates. The corresponding document is posted on the portal of draft regulatory legal acts.
In accordance with the bill, compensation for this type of deposits will be paid separately from compensation for other types of deposits. For other contributions will remain "general" limit provided by the Federal Law "On insurance of deposits in banks of the Russian Federation" - 1.4 million rubles, reported "Izvestia" in the press service of the Ministry of Finance.
The bill was developed on the instructions of the President. Addressing the Federal Assembly in February 2024, he proposed to launch an irrevocable savings certificate, under which citizens will be able to place their funds in banks for more than three years at a higher interest rate than ordinary deposits.
Advantages of the savings instrument
To the advantages of an irrevocable certificate, experts, in particular, include a high fixed rate, favorable for long-term storage of funds. Certificates are issued for a term of three years or more, and the interest rate is fixed for the entire term, which avoids changes in terms and conditions on the part of the bank (unlike deposits with a floating rate).
Increased insurance coverage makes the instrument attractive for wealthy clients. The certificate is a security, not a deposit product, and can be transferred to another person through cession, which opens certain opportunities for its use as an investment instrument, explains analyst Ilya Margolin.
- In addition, unlike classical deposits, it is assumed that the funds will be insured for an amount twice as large as for ordinary deposits. This is the advantage of the certificate. It is important that if you have a certificate plus a deposit, the amount of insurance coverage is summarized, i.e. the return of 2.8 million rubles is guaranteed for the first one and 1.4 million rubles for the second one, which means that the capital is insured for 4.2 million rubles in total, - points out Sergey Solovovykh, the head of the department for work with wealthy clients of IC Fontvielle.
Peculiarities of the certificate
The peculiarity of irrevocable certificate is that after opening such a deposit it is impossible to withdraw money partially or completely before maturity. However, the depositor has the right to assign it to another person at any time before the end of the deposit term. Such a mechanism ensures the stability of bank liabilities and at the same time does not infringe on the right to free use of one's money, the press service of the Ministry of Finance explained to Izvestia.
Nevertheless, analysts consider irrevocability to be the main disadvantage of this type of savings. The owners will not be able to cash the certificate before the end of its term. In addition, a savings certificate cannot be replenished, unlike term deposits with a replenishment option and savings accounts.
- If the certificate holder wants to withdraw the money before the end of the term, the bank will return it without accrued interest. This condition is similar to the early termination of a bank deposit agreement, when the client receives money at the demand rate," points out Irina Andrievskaya, director of content and analytics of the financial marketplace "Vyberu.ru".
Thus, even under force majeure circumstances, it will not be possible to get the funds invested through irrevocable savings certificate, says Yuri Isaev, analyst of Brobank.ru service.
However, as the Ministry of Finance told Izvestia, the issue of introducing at the legislative level a limited right of its early reclamation in special life circumstances is now being worked out. The corresponding concept is planned to be published for public discussion in early 2025, clarified the press service of the Ministry.
"Strict" instrument
Experts draw attention to the fact that the savings certificate is not exactly a new product, rather it is a niche instrument, which in the last 5-10 years has not been popular among retail customers of banks precisely because of a number of restrictions associated with its use. Among them, for example, is the method of its registration.
- If a deposit or savings account can be opened from home and the process is fully digitized by banks, in the case of a certificate, the client must apply for it at a bank branch and receive a paper document - a form. Only the owner of the certificate, in whose name it is issued, can receive the money at the end of the term. And if, let's say, a person lost the paper form, he can get the money back only through the court, - Irina Andrievskaya points out.
To save for a long time and in rubles
Nevertheless, such a "strict" product may well be useful for certain purposes. For example, it is suitable for those who want to fix an attractive interest rate on the deposit for a long period of time. In addition, the restriction on early withdrawal of funds will help depositors to preserve their savings, according to the Ministry of Finance.
- Irrevocable savings certificates are beneficial for individuals if they choose to keep their savings in rubles. In this case, it will be possible to get a fairly high interest rate. With the exception of possible impulsive spending of money on rash purchases, as it is impossible to withdraw funds on such a product before the deadline. This option of savings is suitable for citizens who need to save a certain amount of money by a clearly defined date. For example, to pay for a child's education," Yuri Isaev points out.
Demand for the new product may appear among citizens who want to save capital with minimal risks and increased insurance protection, for example, for those who have already exhausted the standard deposit insurance limit. Such certificates may well be used by individuals to diversify savings, adds Sofia Igumnova, an expert on financial products "VseZaymyOnline".
It is necessary to work out
For credit organizations, as experts note, the product is not too unambiguous yet. Much depends on economic conditions.
On the one hand, its introduction may help to increase the long-term resource base necessary to finance investments and lending to the real sector of the economy. On the other hand, if the key rate is reduced in the future, long-term liabilities with high interest rates may become unprofitable for banks.
Thus, irrevocable savings certificates may become an interesting addition to the existing savings instruments in the Russian market. However, their success will depend on specific conditions, including legislative regulation, the economic situation, the level of public confidence in the banking system, and the effectiveness of communicating the benefits of this product to the target audience, concluded Vadim Petrov, member of the Intersessional Financial Advisory Group (IFAG) of IOC UNESCO.
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