The increase by the Central Bank (CB) of the key rate to 16% in December last year reduced the potential tax burden on Russians: non-taxable income for tax on deposits for 2023 doubled – from 75 thousand to 150 thousand rubles. As Pochta Bank told Izvestia on January 11, according to calculations by analysts of a financial organization, at the end of 2023, the number of depositors who will have to pay tax on income from deposits has decreased six-fold.
The bank recalled that this year for the first time Russians will pay tax on income from deposits, savings and other accounts on which interest is charged. To calculate the tax, the highest value of the key rate on the first day of each month for the entire year will be taken into account, they explained. Since at the end of 2023 this figure reached a maximum of 15%, as of December 1, 2023, the tax-free amount will be equal to 150 thousand rubles. As a result, depositors will pay a 13% tax only on amounts exceeding 150 thousand rubles, the credit institution explained. Analysts clarified that when calculating the tax, it will not be the size of deposits that will be taken into account, but the amount of interest income received. At the same time, citizens will have to pay tax on interest income received last year until December 1, 2024.
“According to our assessment, if the key rate remains high, the current year may well become a record year for the growth of household funds attracted from banks. Today, deposits remain a reliable and predictable way to invest money. The profitability on them is at peak values,” said Alexey Okhorzin, Deputy President and Chairman of the Board of Post Bank.
He advised to pay attention to short-term and medium-term deposits. According to Okhorzin, they are distinguished by an optimal combination of placement period and attractive rates and allow you to lock in high returns and at the same time flexibly manage your savings if the market situation changes.
The financial organization also emphasized that depositors do not need to independently calculate tax and declare income, since banks will provide information to the Federal Tax Service of Russia, and the tax service will calculate the tax and send a notification in the personal account of the Federal Tax Service or by mail.
The day before it was reported that, according to statistics from the Central Bank of the Russian Federation, Russians put a record amount of money on deposits. During January–November 2023, the figure increased by 5.2 trillion rubles, to almost 28 trillion rubles. Experts interviewed by Izvestia said that the main factor in the growth of the volume of citizens’ funds on deposits was an increase in the interest rate.
In mid-December 2023, Russian banks improved deposit conditions for their clients and raised rates. Financial organizations made this decision after the Central Bank of the Russian Federation raised the key rate to 16% per annum on December 15.
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