The Federal Tax Service has begun to warn Russians about paying taxes on deposits.

These notices can be found in taxpayers’ personal accounts. The messages indicate the banks where the deposits were opened, the amount of accrued interest, the amount of tax and the total amount to be paid.

Personal income tax (NDFL) on deposits has been in force in Russia since 2021, but the deadline for its payment has been repeatedly postponed. Thus, taxes for 2023 will start to be paid in 2024. It will affect those who last year received interest income on bank accounts and deposits that exceeded the non-taxable base. The tax must be paid before December 1, 2024.

Personal income tax is not levied on all interest income, but only on a part of it. The tax-free base is calculated based on the key rate of the Central Bank: the maximum rate for the reporting year (determined at the beginning of each month) is multiplied by 1 million rubles.

In 2023, the rate increased from 7.5% to 16% per annum, but the value as of December 1 is taken to calculate the tax-free base – 15% per annum. If the income from all deposits for 2023 did not exceed 150 thousand rubles, then there is no need to pay a new tax. Otherwise, the excess of 13 or 15% will be charged.

According to the Central Bank, as of January 1, 2024, Russians had 44.92 trillion rubles in banks. More than 65% of this amount was in interest-bearing term deposits.

According to the Deposit Insurance Agency (DIA), at the end of 2023, 98% of Russian individual depositors had deposits in banks in the amount of less than the insurance amount – 1.4 million rubles. The agency takes into account exactly the number of deposits; it does not have data on how many deposits a depositor has in different banks.

• September 13, 2024 The Bank of Russia raised the key rate by 100 bp. – up to 19% per annum. The decision to raise the interest rate of the Central Bank of the Russian Federation is explained by the increase in inflation and consumer demand.
• The regulator also allowed the rate to rise to 22% in 2025, suggesting that inflation would rise to 15% due to a significant reduction in the supply of goods and services. The Central Bank plans to “significantly tighten” monetary policy (monetary policy).