Column by Maxim Builov on the proposals of the head of the Central Bank Nabiullina on deposits

Speaking at a plenary meeting of the State Duma dedicated to the annual report of the Bank of Russia, the head of the regulator, Elvira Nabiullina, proposed increasing the amount of insured deposits for three types of citizens’ savings at once. For ordinary deposits opened for a period of three years or more, she considers it necessary to increase the amount from 1.4 million rubles. up to 2 million rubles, and for long-term irrevocable certificates – up to 2.8 million rubles. The third type of deposit, for which Ms. Nabiullina proposes doubling the insurance limit – from 10 million to 20 million rubles – is an escrow account.

It is worth noting that bills are regularly introduced to the State Duma, the essence of which is reflected in the draft law currently under consideration by parliament. In it, a group of eight deputies and one senator proposes replacing the numbers “1,400,000” with the numbers “3,000,000.” This is a laconic proposal to increase the guarantee of deposits from 1.4 million rubles. up to 3 million rubles A similar bill introduced by the Legislative Assembly of the Leningrad Region was rejected in January of this year. Several such bills were introduced by deputies and regional authorities two years ago (see “Kommersant” dated June 16, 2022). And each time the reason for the rejection was the same – most of the insured deposits were covered by the existing limit.

In 2023, according to statistics from the Deposit Insurance Agency, deposits worth up to 1.4 million rubles. in the banking system was 97.9%, and increasing the limit to 3 million rubles. (the agency has not yet calculated how an increase to 2 million rubles or to 2.8 million rubles will affect) will increase protection to 99.4%. The situation with escrow accounts is more alarming. There is insurance up to 10 million rubles. covers only 80.8%, and increasing the limit to 20 million rubles. will increase their share to 85.6%. At the same time, according to the Central Bank as of March 1, 2024, the average amount in escrow accounts slightly exceeded 6 million rubles, and more than 10 million rubles. was only in four regions.

It turns out that something has subtly changed in the mood of the authorities, if we assume that all the proposals of the head of the Central Bank are planned to be adopted in the near future. Moreover, the above measures are designed to protect financial investments from 1.5–5% of the wealthiest fellow citizens. At the same time, the Bank of Russia does not forget about the fight against poverty, in particular proposing the creation of financial products for people with low incomes. A bill on this is being prepared for the second reading in the State Duma, and the corresponding deposit, according to the head of the Central Bank, will make it possible to receive fairly high interest on the card balance up to 50 thousand rubles, and on a deposit of the same amount, and in addition, make payments without commission in the amount of up to 20 thousand rubles. per month.

However, the Central Bank does not forget about those in the middle. Almost like Leonid Filatov in the fairy tale about Fedot the Sagittarius: “In the morning I spread a sandwich and immediately thought: how are the people?” And for the people, the regulator has in store measures to protect them from debt overload, credit holidays and, of course, financial literacy programs.