Russian President Vladimir Putin signed the law on a social bank account and a social bank deposit. State Duma accepted will be immediately on second and third readings at the beginning of July 2024.
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Vladimir Putin signed a law on contributions and social accounts for low-income Russians
The agreements will be concluded electronically through the State Services portal for faster and safer execution. According to the document, only low-income citizens receiving social support can open such a deposit or account.
Russians will be able to open only one social contribution and contribute no more than 50 thousand rubles to it. Currency cannot be stored. Deposits and accounts will be opened for one year and will be extended if the depositor’s status does not change. The rate is equal to the maximum rate on deposits for individuals for up to one year inclusive in a particular bank.
Interest income can be received on a monthly basis, while payments and transfers from such an account up to 20 thousand rubles will be free for the owner of the deposit.
The law will come into force on July 1, 2025 for Sberbank, VTB, T-Bank, Alfa Bank and other systemically important banks, and for the rest – from January 1, 2027.
Author:
Karina Pardaeva
Source: RB
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
