Starting January 1, 2024, Sber customers who do not have a valid individual investment account (IIA) of the old type can open a new type of IIA (IIS-3). This was reported by the bank’s press service.
It was noted that in the first three weeks of this year, Sber customers opened 11.8 thousand new IIS-3. As the bank announced, 12.3 thousand units were opened in 2022 and 14.7 thousand units were opened in 2023 in the same periods of previous years.
Director of Sberbank Electronic Markets Department Aisha Kubezova explained that the demand for IIS-3 is quite high, as the new IIS absorbs the advantages of the previous two.
“When amendments to the Tax Code are adopted, under the third type of IIS it will be possible to simultaneously receive both deductions for investing funds and income from investment. “This may increase the demand for IIS-3 and will encourage investors to convert their existing individual investment accounts to a new type of IIS,” he added.
Sberbank said that IIS-3 is aimed at supporting long-term investments in the Russian economy and combines the tax advantages of previous account types – IIS-1 (“A” type deduction) and IIS-2 (“B” type deduction). After opening IIS-3, the investor will have the right to receive an annual tax deduction on the amount of contributions to IIS up to 400 thousand rubles and on investment income in IIS-3 after the minimum validity period of IIS. Up to 30 million rubles.
The bank also clarified that it is no longer possible to open an old type of IIS, although previously opened individual investment accounts remain valid.
“If the investor plans to open IIS-3, he must either close the old type IIS or convert it to a new one. An investor can simultaneously hold three IIS-3s opened with one or more professional participants in the securities market. The maximum total tax refund amount for all IIS accounts will be taken into account,” the message reads.
Moreover, the transfer of old type IIS to new type IIS takes place only upon the request of the investor. At the same time, the period of ownership of the old type IIS is taken into account when transferring, but it cannot be more than three years. So, if an investor has had an old-style IIS for two years, two years will be taken into account, if five years, three years will be taken into account.