Special purpose deposit: banks will have to offer the poor the maximum interest rate

What was recently discussed in financial circles as a controversial project has become a reality. New banking products for low-income citizens have appeared in Russia — social deposits and accounts. As reported by the Ministry of Digital Development, Communications and Mass Media of the Russian Federation, a service for their registration has been launched on the State Services portal. It is assumed that with their help, recipients of social benefits will be able to somewhat increase the level of income they receive due to bank interest. MK assessed the pros and cons of the financial innovation with the help of experts.

As the Ministry of Digital Development explains, only privileged categories of citizens who receive social benefits and are clients of banks participating in the program can use the new service. We are talking about citizens of the Russian Federation over 18 years old who receive a single allowance for children and pregnant women, a monthly or one-time allowance under a social contract, as well as a federal or regional social supplement to their pension.

Those wishing from these categories will be able to open a social deposit for an amount of up to 50 thousand rubles. At the same time, the bank does not have the right to refuse people who meet the criteria and is obliged to open a deposit for them at the maximum rate in effect in this bank at the time of the depositor's application. It is prohibited to deposit foreign currency into such a deposit and to conclude an agreement in favor of a third party. Interest on it is accrued and paid monthly. The term of the deposit is one year. The agreement will stipulate the possibility of extending it for the same period if the citizen still receives social support on the date of its expiration.

The social account has no limits on the amount, it can be opened for a year. An individual is allowed by law to have one such instrument - a deposit and an account - at the same time.

"You can only conclude an agreement yourself through "Gosuslugi". If someone calls with an offer to open a deposit or account for you, these are scammers," the Ministry of Digital Development warned.

So far, since the beginning of July, only systemically important banks have received the right to open new accounts and deposits. Other credit institutions will receive this opportunity from January 1, 2027.

Despite the apparent attractiveness of the innovation, experts have many questions about it. First of all, where will people who are considered low-income and make ends meet with the help of benefits get the “extra” money, even within 50 thousand rubles, to “freeze” it for a year in the bank? How profitable will such a deposit be for the bank itself, considering the relatively small amount of the deposit and the maximum interest that the credit institution will have to pay on it? And will the new type of deposit be in demand at all? MK turned to experts for answers to these questions.

Economist Andrey Loboda, a top manager in the field of financial communications, believes that by offering special deposits for recipients of state support, the government is thus continuing to introduce social targeting measures. "Deposits with small amounts and increased profitability will give those who receive benefits or other types of assistance the opportunity to save money. Banks will also be able to use such products to expand their loyal customer base," the expert is sure. According to his forecast, the result of the new financial instrument is expected to be positive, although it is unlikely to be particularly noticeable in the structure of other banking products.

"Putting aside even a small amount at about 20% per annum is a very profitable opportunity," says Natalia Milchakova, leading analyst at Freedom Finance Global. "Especially considering that the interest rate on deposits has already gone down in anticipation of a new reduction in the key rate and has reached 18-18.5% per annum." At the same time, the expert draws attention to the disadvantages for depositors - she includes the fact that the maximum deposit amount cannot exceed 50 thousand rubles. Another inconvenience is that such a deposit can only be opened through the "Gosuslugi" portal, although not all low-income citizens use this service.

"A social contribution is more profitable than a classic deposit - but not because of the rate, but because of the calculation mechanism: by law, a bank is obliged to give the same maximum annual yield on it as on its regular deposits for up to a year, " says Denis Astafyev, head of the fintech platform SharesPro. Currently, the largest banks pay 18-23% per annum on a six-month deposit, and this is the upper limit that a client from the preferential category will see in the agreement. The expert sees the downside of the innovation in the fact that you can only keep 50 thousand rubles in the account, so the absolute income is limited.

In his opinion, the product is interesting, first of all, as a financial safety net for the poorest households. The money in the social deposit functions as in a savings account: it can be replenished (without exceeding the limit of 50 thousand rubles) and at any time partially or fully withdrawn without recalculating the interest - the accrued income is transferred monthly to the selected card. "Therefore, if urgent expenses are required, the client simply withdraws the required amount and continues to receive the same rate on the remainder," the expert explains.