The emergence of housing savings deposits is expected in Russia.
The law, which is called an alternative to mortgages, will come into force in the spring of 2025.
This new financial instrument will help Russians save money to buy housing, RIA Novosti writes.
According to the terms of the agreement, the bank will manage the depositor's money, accrue interest and use the accumulated funds to pay the first installment for an apartment or share in the property.
Chairman of the State Duma Committee on Financial Markets Anatoly Aksakov reported that the law on housing savings deposits will come into effect in the spring of 2025.
These deposits will help Russians save the money needed to pay the first installment for an apartment.
Russians will retain increased insurance coverage for deposits. This will provide the population with confidence in the reliability of the new financial instrument.
This new type of deposit is being introduced to improve the housing conditions of Russians.
Individuals who are ready to open a deposit for a period of at least one year will be able to use housing savings deposits.
Author: Elena Gutyro
