The State Duma has floated a plan to exempt the interest earned on long-term deposits from income tax for three years. This proposal, reported by the Parliamentary newspaper, was outlined by Anatoly Aksakov, who chairs the State Duma Committee on Financial Markets. The aim is to strengthen funding channels for the banking sector to support long-term national priorities and major projects that shape Russia’s economic future. Source: Parliamentary Newspaper.
Aksakov argues that the banking system currently lacks the resources to sustain long-term lending needed by the economy. By creating longer-duration deposits and removing the income tax on interest from deposits held for three years or more, the government could incentivize Russians to lock in their savings for extended periods. The intention is to stimulate a steady flow of funds into long-term finance, which in turn could reduce reliance on short-term funding and improve the banking sector’s capacity to back substantial development initiatives. Source: Parliamentary Newspaper.
In Aksakov’s view, the measure could gain backing from fellow lawmakers and the government and might be implemented during the upcoming spring session. The proposal hinges on broad political support and practical steps to align tax policy with financial market needs. Source: Parliamentary Newspaper.
Maria Tatarintseva, product manager for Deposits in the financial market unit at Compare, commented that removing the tax on long-term deposits could boost interest in these products, though the effect would unfold gradually rather than instantly. Her remarks were shared in a discussion with socialbites.ca. Source: Parliamentary Newspaper.
As Russians consider which investments offer the best returns, the idea of tax exemptions on long-term deposits adds a new factor to the decision process. The proposal highlights a broader strategy to strengthen household savings as a source of stable funding for the banking system and long-horizon investments. Source: Parliamentary Newspaper.