The State Duma pointed to the possibility of social contributions to help people with low incomes

The possibility of making a social deposit, which the leading banks of the country intend to provide to Russians this year, will allow increasing the income of people with low earnings. This was announced on January 4 by Svetlana Bessarab, a member of the State Duma Committee on Labor, Social Policy and Veterans' Affairs.

Social deposits will be issued at a more favorable interest rate, which will allow low-earning citizens to get a much higher profit from savings.

"The idea itself is very good, because it will really preserve the opportunity for Russians to accumulate funds and thus solve the problems that have been forming in Russian households today," Lenta.ru quoted her as saying.

The deputy noted that in this way people will be able to deal with financial difficulties without resorting to borrowing from banks, which today issue loans at a very high interest rate, adds "Gazeta.Ru".

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How this will affect the financial market workload

Earlier in the day, "Rossiyskaya Gazeta" reported that Russia's largest banks intend to launch a system of a new financial instrument known as a social deposit by July 1, 2025. Such a mechanism is designed for people with low incomes who have state support. It is noted that the rate on it will be more favorable than on other, ordinary, deposits, and its amount should not exceed 50 thousand rubles.

At the end of December 2024 Capital Lab partner Evgeny Shatov explained to "Izvestia" that a bank deposit is a sum of money, which a person gives to the bank for a certain period of time and then takes back. He noted that for depositors a bank deposit is an opportunity to secure their savings, preserve them and even increase them, while for credit organizations it is a way to get free funds that will work and generate income.