Experts named the true reasons for the emergence of special deposits for low-income citizens
From July 1, 2025, Russians with low incomes will be able to open social deposits and accounts in banks. The State Duma adopted the law on this in the second and third readings. The social contribution will be open for a year. Its size cannot be higher than 50 thousand rubles, and the interest will depend on the specific bank. Who might be interested in such a contribution and why the authorities decided to introduce it, MK found out from experts.
Citizens with low incomes will be able to open social bank accounts and deposits in the amount of up to 50 thousand rubles starting from July next year. You will need to open a deposit through the government services portal, but only Russians eligible for social protection measures will be allowed to do this. Information confirming such status must be posted in the state information system. The social bank deposit will be opened for one year, and then, if the citizen continues to receive social support, the agreement with the bank can be extended for the same period. It will not be possible to deposit more than 50 thousand rubles or foreign currency into an open social contribution. Banks are prohibited from charging a commission for transferring money from a social bank account, as well as for its opening, maintenance, replenishment, and for providing and using a payment card. Interest on an account balance up to 50 thousand rubles will be accrued at a rate of no less than half the key rate of the Central Bank of the Russian Federation, and if there is 50 thousand rubles — at the rate specified in the agreement. Citizens will be prohibited from opening more than one social bank account (deposit).
Concern for citizens with low incomes is certainly laudable, but it leaves many questions about its effectiveness. For example, it assumes that a person entitled to social support has free money in the amount of up to 50 thousand rubles, which he can deposit in a bank account for a year. “It’s difficult to say whether socially vulnerable citizens will take advantage of this offer, since they often don’t have this money,” says investment adviser Yulia Kuznetsova.
Taking into account growing inflation, it will be difficult for low-income citizens to use this tool, but if they need to create savings for the purchase of household appliances, this can help households save the required amount in a faster time,” explains Alexander Safonov, a professor at the Financial University under the Government of the Russian Federation, explaining the government’s initiative. According to him. opening such deposits serves several purposes. First, in the short term, reduce supply on the market and thereby try to influence inflation. Secondly, reduce the number of unsecured consumer loans and reduce the risks of bankruptcy of individuals. Thirdly, to stimulate the formation of additional credit resources by banks.
But human rights activists have a different opinion. “We don’t think that these deposits will bring much income to depositors,” says Diana Sorc, a lawyer at the International Confederation of Consumer Societies (ConfOP). — Even if we take the maximum rate on deposits, which is currently 20% per annum, and the maximum term of a social contribution in the amount of 50 thousand rubles, then the income on such a deposit will be —a little over 800 rub. per month. Perhaps one of the goals of the law is to achieve a reduction in deposit rates, because banks will have to charge interest on new deposits based on their maximum current rates. It should also be taken into account that funds on social deposits, as well as on any others, can be written off by bailiffs if clients of a credit institution have debts.”
In an earlier version of the project, it was assumed that the social contribution rate would be tied to the key rate, but in the end they chose the rate of the best bank offer for up to one year in a specific institution, excluding promotional ones. “The earlier version was more profitable for the consumer, since offers on bank deposits are, as a rule, several percentage points lower than the key rate,” emphasized Anastasia Khrustaleva, senior vice president of Fontvielle Investment Company. The main reason for the emergence of this initiative is to attract the attention of socially protected segments of the population to banking products and the desire to teach them a savings model of behavior, that is, it fits perfectly into the policy of increasing the financial literacy of Russians, the expert is sure.
“However, such deposits also can be launched in the interests of banks to expand the client base and increase the loyalty of potential clients with small savings,” noted the director of the Federal Methodological Center for Financial Literacy of the REU. Plekhanov Denis Perepelitsa. This type of deposit, he said, will enable people with limited funds to start saving money little by little without additional costs for maintaining the account. However, the effect aimed at increasing the incomes of the poor may be limited due to low interest rates and the limited size of deposits, the expert believes.