Banks demand delay in launching social deposits

Russian banks oppose social deposits

Financial experts propose delaying the launch of social deposit programs for certain credit institutions until 2028–2031. The main reasons are lack of demand from the public and high implementation costs.

Economic inefficiency for small businesses

Implementing such services will cost each small bank between RUB 10 and 20 million. Meanwhile, the potential audience, often called 'poor', objectively lacks free funds to open such deposits, making the project unprofitable.

Statistics from the first ten months of the current year confirm low client activity. In systemically important banks, only about 15,000 applications were submitted to open social deposits and accounts, indicating insufficient demand for the initiative at this stage.

Low consumer activity

The small number of requests indicates that the current economic situation does not promote mass use of social deposit products. Banks are forced to assess risks and costs that do not pay off with such a customer base volume.

Source: Komsomolskaya Pravda