The Central Bank proposed creating a deposit for low-income Russians with an inflation-linked rate

The Central Bank proposed to create a special bank deposit for low-income Russians, the rate for which will be higher than the current interest on the deposit. It is planned that it will be tied to the key rate of the Central Bank or inflation.

Speaking in the State Duma, Deputy Chairman of the Regulator Olga Polyakova expressed the initiative to create a separate category of deposits.

Olga Polyakova Deputy Chairman of the Central Bank of the Russian Federation If we talk about the category of low-income citizens, we propose to develop a mechanism for creating a special bank deposit for people with low incomes. <...> The interest rate will be linked to the key rate or to the level of inflation.

She clarified that each person who falls under the category of low-income people will be able to have only one such contribution, and it is proposed to limit its amount. “To determine the category of citizens with low incomes, it will be possible to use the unified state social security information system, the creation of which was proposed by the government,” the deputy chairman of the Central Bank also explained.

• If the initiative is quickly adopted (now it is not even formulated as a bill), the gap between the current average deposit rate in Russian banks and the one proposed by the Central Bank to support the population will be significant. The average maximum rate on deposits of ten Russian banks, attracting the largest volume of deposits of individuals in rubles, in the first ten days of November rose to 6.98% from 6.7% - and this is a record for 27 months. At the same time, the key rate is 7.5% per annum, and inflation has accelerated to values ​​above 8%.