Types of pension Deposit
One of the oldest and at the same time promising deposits is the pension Deposit. The pension contribution that we inherited from the Soviet accumulative system has been developed in three directions:
The first direction is a continuation of the Soviet accumulative system, which resulted in a special and most widespread group of deposits. A pension Deposit that implies that the depositor has a certificate of retirement age is a regular Deposit with a fixed closing date and an accrued interest rate. This type of Deposit implies the absence of any additional operations, except for the initial payment of funds. The minimum initial payment, depending on the Bank, ranges from 1000 rubles. Sberbank of Russia, which owns the lion’s share of this market of financial instruments, is the main Bank for pensioners with a pension Deposit.
The second direction is relatively young and is beginning to attract more and more people of retirement age. A pensionable Deposit, being a type of pension Deposit, has special differences. First, the ability to constantly replenish funds allows you to significantly exceed the planned income in the future. Secondly, the quarterly capitalization of accrued interest allows pensioners to constantly increase the amount of the initial Deposit. As a rule, the minimum initial payment for this type of pension Deposit ranges from 300 rubles. In addition, the interest rate depends primarily on the term of the pension Deposit and ranges from 5% to 9 %.
The third direction is the most modern, which attracts a wide range of pensioners due to its convenience. “Pension plus” Deposit due to the opening conditions is popularly called as “pension wallet”, “plastic card of a pensioner”. The first condition of this Deposit is that it is possible to perform not only incoming operations, but also expenditure operations. The second condition is that the minimum contribution for this type of Deposit is only 1 ruble. The low interest rate of 4% per annum compensates for the convenience of working with the Deposit.
All three directions of the pension Deposit are United by the possibility of making a Deposit only in rubles, and are accepted from pensioners receiving a pension.