Taxation of savings accounts.

From 2023, income in the form of interest on deposits (account balances) is subject to Personal Income Tax (PIT) (hereinafter, PIT, tax) if it exceeds the amount of interest calculated as the product of 1 million rubles and the maximum key rate of the Central Bank of the Russian Federation from those effective on the first day of each month in the specified tax period of the calendar year.  

Exception:

— interest paid on escrow accounts and on ruble deposits (account balances) for which the interest rate during the calendar year did not exceed 1% per annum

— income in the form of interest received in 2021 and 2022 on deposits (account balances) with banks located in the Russian Federation

Interest received by individuals on foreign currency deposits or accounts is taken into account regardless of the interest rate and is recalculated into rubles at the official exchange rate of the Bank of Russia on the day this income is actually received.

When determining the amount of interest for 2023 that is not subject to taxation, for 2023 the Federal Tax Service will use the maximum key rate of 15%.

In 2023, income in the form of interest on deposits or accounts with banks in the amount of 150,000 rubles (1 million rubles × 15%) is not subject to Personal Income Tax (PIT).