Nizhny Novgorod residents were explained the new tax rules on bank income

      On August 5, 2025, 10:37

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      Economy: Starting in 2025, Russia will implement updated rules for taxing income received from bank deposits, reports TASS.

      Member of the State Duma Committee on Budget and Taxes Nikita Chaplin, representing the United Russia party, stated that the changes will affect millions of Russians who keep their savings in banks. The main goal of the reform is to ensure a fairer distribution of the tax burden and support depositors with moderate incomes.

      "It is important that the non-taxable minimum remains, and for most citizens, the tax rate will stay at 13%," the parliamentarian noted.

      The tax is only levied on the part of the interest income that exceeds the established limit. In 2025, this limit is determined as the product of one million rubles and the maximum key rate of the Central Bank, which was in effect on the first day of each month in 2024.

      "Since the key rate in 2024 reached 21%, the non-taxable limit will be 210,000 rubles. If the income from deposits does not exceed this amount, no tax will be payable," Chaplin explained.

      For incomes exceeding the limit, a rate of 13% applies. If the amount of interest exceeds 2.4 million rubles, the tax rate increases to 15%.

      Additionally, from 2025, an innovation will be introduced for deposits with a term of 15 months or more: the unused limit can be transferred to the following year. This will help reduce the tax burden on depositors, the deputy emphasized.

      "For example, if a person did not exhaust the limit in 2023, the remaining amount will be considered when calculating the tax for 2024," he noted.

      Furthermore, Chaplin reminded that banks independently transmit information about depositors' income to the Federal Tax Service. Therefore, filing a tax return will not be necessary.

      Deposits with a rate up to 1% per annum, escrow accounts, and income received through inheritance are exempt from taxation.

      Regarding foreign currency deposits, a special procedure applies: accrued interest is converted into rubles at the Central Bank's exchange rate on the payout date and summed with ruble income.

      It was previously reported that the number of bank deposits opened in the first half of 2025 doubled.

      Recall that residents of Nizhny Novgorod hold nearly one trillion rubles in bank accounts.

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