On Jul. 22, 2024, RUS issued law 202-FZ on banking and banking activities, specifically for the creation of a social bank account or deposit - law in force from Jul. 1, 2025.
Except for provision that enter into force on Jan. 1, 2027 and Jul. 1, 2027.
On May 29, RUS PRL proposed bill on social bank accounts creation.
RUS PRL proposed law on the creation of a social bank account and a social bank deposit was submitted to the State Duma aimed to help citizens in financial distress.
The proposed bill 367060-8 on amending banks and banking activities.
Summary
The law creates special banking products - a social bank account and deposit, which will provide for a guaranteed accrual of income linked to the RUS CB key interest rate.
The recipients of social support measures, information about which is contained in the Unified State Social Security Information System will be able to open such attacks.
The social bank account (the deposit) agreement is concluded in electronic form using the State Services portal with a bank included in the deposit insurance system.
The maximum amount of funds that can be placed into such account is 50,000 RUB.
For such accounts it is prohibited to charge citizens for opening and maintaining an account, for the provision and use of the MIR card; for transactions under 15,000 RUB.
Jul. 9, 2024 Update
On Jul. 9, 2024, RUS CB advised that the State Duma had adopted bill 367060-8 on social bank accounts and deposits in the second and third readings, with new banking products developed for citizens on low incomes receiving social support from the state.
They will be able to open bank accounts, make deposit on special, favorable terms.
Confirmed maximum deposit of 50,000 RUB, with interest rate equal to maximum on deposits in specific banks for up to 1 year, apart from deposits on various promotions.
Account can be topped up at any time (up to 50,000 RUB) and withdrawals can be made without reducing interest rate, which must be no less than half RUS CB key rate.
For amounts over 50,000 RUB, interest will be in as per agreement & can be monthly.
Account services, including transfers/payments will be free up to 20,000 RUB monthly.
Social bank deposit is opened for 1 year and can be extended for same period if status does not change; special conditions apply as long as holder has right to social support.
A person can only have one such account or deposit; banks will monitor compliance.
Agreements will be concluded with clients electronically via the state services portal.
Law is expected to enter into force Jul. 1, 2025 for systemically important banks, with other credit institutions required to launch new banking products from Jan. 1, 2027.
Jul. 17, 2024 Federation Council Adoption
On Jul. 17, 2024, RUS PRL announced that the federation council approved the bill.
Jul. 22, 2024 Law Issued
On Jul. 22, 2024, RUS issued law 202-FZ on banking and banking activities, specifically for the creation of a social bank account or deposit - law in force from Jul. 1, 2025.
Except for provision that enter into force on Jan. 1, 2027 and Jul. 1, 2027.
Regulators
RUS CB; RUS PRL
Entity Types
Bank; CNSM; SIFI
Reference
PR Law 202-FZ, 7/22/2024; PR 7/17/2024; PR, 7/9/2024; PR, 5/29/2023; Bill 367060-8;
