The Central Bank of Russia announced that, from 1 July 2025, recipients of social benefits can enter into “social bank account” and “social deposit” agreements on preferential terms, with access provided through the Public Services Portal and subject to supervisory monitoring of how banks deliver the services. Social deposits can be opened for one year with an option to extend, with the interest rate set at the highest rate offered by the relevant bank for deposits with maturities from one month to one year, and with a maximum deposit amount of RUB 50,000. Funds can be added at any time and withdrawn without reducing the interest rate, while interest accrues and is paid monthly. Social bank accounts must pay at least half the Central Bank of Russia key rate on balances up to RUB 50,000, with any balance above that remunerated under the bank’s standard terms; account servicing and transfers and payments of up to RUB 20,000 per month are free. Agreements can only be concluded via the Public Services Portal, with eligible individuals required to submit only an application and no supporting documents. The products are initially offered by major banks, with the list of participating banks to be expanded gradually.
Central Bank of Russia 2025-07-01
Central Bank of Russia launches preferential social bank accounts and deposits for social benefit recipients with RUB 50,000 caps
The Central Bank of Russia will introduce "social bank account" and "social deposit" agreements for benefit recipients, effective 1 July 2025, via the Public Services Portal. Social deposits offer a one-year term with the highest bank interest rate for similar maturities and a RUB 50,000 cap, while social bank accounts must pay at least half the key rate on balances up to RUB 50,000. Major banks will initially offer these products, with plans to expand participating banks.