Russians were given a way to reduce the tax on interest on deposits in 2025

Interest income on bank deposits is included in the main tax base, and it can be used for tax deductions. This was stated on November 22 by tax consultant Ekaterina Pirogova in an interview with RBC.

According to her, this opportunity is especially beneficial for those with little or no official income, such as students, retirees, housewives and sole proprietors. Pirogova presented step-by-step instructions on how to reduce the tax on income from deposits by applying deductions.

She noted that many depositors are unaware of the possibility of using social, property, standard and investment deductions for interest income from deposits. This is especially true for citizens who cannot fully use the benefits based on their salary. It is important to keep in mind that this option is only available for income in 2023-2024, since from 2025 interest income will be excluded from the basic base, and deductions will not be able to be applied.

To apply for a deduction, you must correctly fill out a 3-personal income tax declaration in the taxpayer's personal account. The data on accrued interest is already transmitted by banks to the system, and you only need to select the appropriate year and specify the source of income with the code 6014 — interest on Russian deposits. Income data is taken from the "Income Information" section, and the OKTMO code is determined through the FTS service at the registration address.

The key element of the declaration is the 914 deduction code, which automatically reduces the tax base by the amount of the non-taxable limit. Individual investment account holders can also claim an investment deduction. If the amount of benefits completely covers the income, the tax payable will be zero, otherwise the difference will need to be paid on time.

Future work: only one in ten self-employed people will voluntarily retire

What is the risk of this and can contributions to the Social Fund be made mandatory for self-employed people?

Earlier it was reported that from November 1, 2025, the Federal Tax Service will be able to collect debts from individuals without going to court, giving debtors 30 days to challenge claims. In case of a shortage of funds in the accounts, the agency will be able to foreclose on the property.

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