Special investments: the state launches a financial elevator for low-income Russians
The new law on social accounts and deposits will be effective from July 1, 2025. The entry into force of this document marks the beginning of a large-scale reform in the banking sector. The new financial instruments are designed to increase the targeting, transparency and efficiency of government support, as well as make banking services more accessible to socially vulnerable groups of the population. Details can be found in the Izvestia article.
Who will be able to use the new products
Citizens who receive social support measures approved by the Government will be able to open a social account or deposit. Information on the purpose of payments will be contained in a single digital platform, and the list of recipients will be determined by the Government of the Russian Federation in coordination with the Bank of Russia.
"A social account or contribution is a single benefit, a social contract and a social supplement to a pension assigned to citizens with an average per capita income below the subsistence minimum established in their region of residence," the Ministry of Labor reports.
The Ministry added that banks will be able to receive the supporting information necessary to open a social account or deposit in the Social Fund of Russia through secure channels of interdepartmental interaction.
At the first stage, starting from July 1, 2025, thirteen systemically important banks in the country will begin opening new accounts and deposits: Sberbank, VTB, Alfa—Bank, Gazprombank, Sovcombank, UniCredit Bank, Credit Bank of Moscow, Otkritie, Rosbank, T-Bank, Promsvyazbank, Raiffeisenbank and Rosselkhoznadzor.
Starting in 2027, all credit institutions included in the deposit insurance system will join the program, which will expand the availability of new products for citizens in the regions and non-customers of the largest banks.
According to the Ministry of Labor, the conditions for opening and accessibility of social accounts or deposits for citizens and the possible limits of such accounts, as well as the list of payments entitling them to open social accounts, will be determined by a relevant government decree. The developer of the decree is the Ministry of Digital Development, Communications and Mass Media.
Terms of opening and maintenance
Social accounts and deposits are available only in rubles — transactions in foreign currency are excluded. The service is provided exclusively through the Mir card, for which no commission is charged. Each citizen will be able to open only one such account or deposit, the maximum amount is 50 thousand rubles. The contract is executed in electronic form through the Gosuslugi portal and signed with an electronic signature.
"Every citizen who has the right to open social banking products can have one social deposit and one social account at the same time, that is, in total, save up to 100 thousand rubles under guaranteed favorable market conditions," the press service of the Central Bank said.
There are no fees for opening, servicing, replenishing accounts and transfers of up to 20 thousand rubles per month. The balance of up to 50 thousand rubles is subject to daily interest in the amount of at least half of the key rate of the Bank of Russia, which is paid monthly.
Why is this limit set?
As explained in the press service of the Central Bank, the calculations were based on data from a macroeconomic survey, and the expected movement of the Bank of Russia's key rate and median inflation forecasts for 2023-2025 were also taken into account.
Experts note that the deposit limit was chosen primarily taking into account the characteristics of the target audience. Anatoly Aksakov, chairman of the Financial market Committee of the State Duma, explains that the amount of 50 thousand rubles for low-income citizens does not imply serious savings.
— Even at the rate of 22% per annum, the income will be about 11 thousand rubles. However, the risks are minimal, as the savings are insured. Given the interest rate, the absence of commissions and free maintenance, this can be a profitable tool for saving funds in the face of inflation," the legislator emphasizes.
Alexander Safonov, a professor at the Financial University under the Government of Russia, former Deputy Minister of Health and Social Development of the Russian Federation, notes that the amount was chosen simply for practical reasons: low-income people do not have statistically large amounts of money on hand.
"But you have to keep in mind that you can't earn big dividends from that amount, and higher interest rates will only help keep people from inflation," the expert points out.
Candidate of Economic Sciences, Lecturer at IMEC (Institute of International Economic Relations) Zalina Kazova emphasizes that limiting the ceiling limit of 50 thousand is due to the need to minimize abuse, maximize targeted targeted financial support for a wide range of recipients, and prevent the burden on the credit institution.
Accessibility and digital challenges
The opening procedure is simplified as much as possible: contracts are executed in electronic form through the Gosuslugi portal. You can also find out about your right to such a contribution in this system. Alexander Safonov notes: "The mechanism for opening a deposit with increased interest rates is simple: you need to go to Public Services, select a bank from the list and conclude an agreement with it. Contracts for such products will be concluded with citizens in electronic form through the Gosuslugi portal. It will also be possible to open an account by contacting such a bank in person."
However, digitalization also carries certain risks. Yuri Lyandau, Doctor of Economics, Professor at Plekhanov Russian University of Economics, draws attention to the problem of public ownership of digital competencies and the complexity associated with the so-called "digital hygiene". — For this reason, not everyone uses public services. Here, I think, support from banks that will offer this financial product could be useful. We understand that digital technologies and services are actively developing, and in the near future, inability to use digital technologies will be perceived as inability to write or read correctly," he notes.
Zalina Kazova adds that citizens who receive social support but are not clients of large credit institutions involved in the project, as well as those who do not have access to a single portal of public services, will not be able to use preferential banking services for the first time.
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