Answer:
It is difficult to say whether the payment of compensation to you on the deposit was correct, since in your question you provided for the most part information that was not necessary for making the calculation. But even according to the data that is available, it can be assumed that you most likely were not compensated for the funds that should have been credited to a special account opened for you by Decree of the President of the USSR dated 03.22.91 N UP-1708.
Here is how this is stated in paragraph 2 of the Decree of the President of the USSR of 03/22/91 UP-1708 (as amended on 02/27/1992) "On compensation to the population of losses from the depreciation of savings in connection with the only increase in retail prices":
"2. Compensatory payments are made for all types of existing deposits based on their balance as of March 1, 1991, in the manner determined by the State Bank of the USSR and the Savings Bank of the USSR. From March 30, 1992, all restrictions on the use by depositors of funds credited to special accounts were abolished by Decree of the President of the Russian Federation of February 27, 1992 N 196. The balance of deposits with the right to use these amounts after July 1, 1991 increases by the amount of compensation payments up to 200 rubles inclusive. Deposit revaluation amounts exceeding 200 rubles are credited to special accounts with the right to use these funds by depositors after three years. For funds in special accounts, income is paid based on the current rate of 7 percent per annum.
So, in order to make sure that the compensation given to you is correct, you must first examine all the entries in your savings book from the period March 1, 1991 onwards, and make sure that 200 rubles have been added to the balance of the deposit. Sberbank had to credit 200 rubles to the account on which the savings book was issued under the Decree and make the corresponding entry in the savings book:
date - 03/01/1991;
arrival - 200 rubles 40% compensation.
I will make an approximate calculation of the compensation due to you on the deposit, but given that you did not indicate what the balance of the deposit was on the account on 06/20/1991, and whether 200 rubles were credited to you, the calculation will be extremely inaccurate. In addition, you did not indicate the year of your birth, and therefore, based on the amount of compensation issued to you, I assumed that you were entitled to 2-fold compensation.
Calculation 1: - On compensation for the deposit, if an entry on the addition of 200 rubles has been made to the passbook.
1. Suppose that after 40% compensation, which was credited to the deposit on March 1, 1991, by July 20, 1991, the amount of the main deposit is 826.90 rubles.
2. The amount that should have been credited to a special account should have been 50.76 (I consider the reverse method)
826.90 rubles - 200 = 626.90 the approximate amount of the main contribution before adding 40% compensation
626.90 * 40 / 100 = 250.76 - this is the entire estimated amount of 40%
compensation, of which, according to the Decree, 200 rubles were added to the main deposit and 50.76 - to a special account opened additionally for the depositor. Both of these amounts are included in the last compensation payments.
3. The total amount that is subject to compensation will be - 877.66
826,90 + 50,76 = 1561,99
4. Since you are entitled to 2-fold compensation, the amount of payment calculated according to the formula will be - 1755.32
(877.66 * 1 * 2) - 0 = 1755.32 (approximate amount of compensation!).
Calculation 2: - On compensation for the deposit, if the record of adding 200 rubles to the passbook is not made.
1. Suppose that the amount of the deposit as of March 1, 1991 was 826.90 rubles. There is no record of adding 40% compensation in the passbook.
2. 40% compensation will be 330.76 rubles
826.90 * 40 / 100 = 330.76 rubles.
3. Then on June 20, 1991, the amount of the deposit on the main account will be 1026.90 rubles.
826,90 + 200,00 = 1026,90
4. And 130.76 rubles will be credited to a special account.
330.76 - 200.00 = 130.76 rubles
Both amounts of the 40% compensation are included in the compensation payments.
5. The total amount that is subject to compensation will be - 1561.99
1026,90 + 130,76 = 1157,66
6. In this option, 2-fold compensation will be - 2315.32
(1157,66 * 1 * 2) - 0 = 2315,32
In addition, once again read my “Explanations on determining the amount of the balance of the deposit in calculating the amount of compensation” in the article “Compensation for deposits opened before 1991. for 2016"
The depositor does not agree with the amount of compensation
To remove all doubts, you should make a written request to the bank about the amount of compensation paid, here is how it is stated on the Sberbank website in the "Questions and Answers" section:
Question 13: The contributor has received compensation, but disagrees with the amount of compensation. What to do?
Answer: On the bank's website, through the "Feedback" file an appeal about disagreement with the amount of compensation accrued. Get a unique case number.
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Compensation and indexation of Sberbank deposits in 1992
Until 2020, the population will receive compensation for deposits that "disappeared" before 1992 in Sberbank. It is planned to return about three hundred billion rubles.How it all started
In the nineties, there was nowhere to spend money, and it turned out that the population had savings, which were subsequently stored in deposits in Sberbank. In parallel, at that time, a deficit arose, which the state decided to “correct” by using the funds of the population located in the deposits of Sberbank. After some time, it turned out that the bank could not repay the debt to all depositors, because there was simply nothing to do it. And what was left was frozen. Thus, the population was left with nothing.
Gradual way out
Some time later, Mikhail Gorbachev indexed all deposits by 40%. Amounts up to 200 rubles were handed out, and what exceeded the figure was credited to special accounts under special conditions that were not very beneficial for the population. But then there was no question of choice.
Two years later, the second compensation was carried out, though in absentia. This was partly due to pressure from investors. Boris Yeltsin issued a corresponding decree, but nothing followed. Although in 1996 Boris Yeltsin "rehabilitated" and part of the debt still returned to the depositors.
Since 2009, and this is the fourth compensation in a row, payments have been made more actively.
Sberbank Promises and Policy of Compensation Payments
At the moment, there is a government decree Russian Federation dated December 25, 2009 No. 1092 "On the procedure for making compensation payments to citizens of the Russian Federation on deposits in the Savings Bank of the Russian Federation in 2010-2014."
Who claims to receive compensation? First, persons who were born before 1945 (inclusive). They are paid three times the balance. Secondly, persons with a year of birth that fell between 1946 and 1991. The size is twice the rest.
Compensation for funeral services is determined according to the Federal Law of December 19, 2006 N 238-FZ in the following amounts:
- 6,000 rubles, if the amount of the deceased owner's deposits indicated in the application is equal to or exceeds 400 rubles (based on the face value of banknotes in 1991);
- in an amount equal to the sum of the contributions of the deceased owner indicated in the application, multiplied by a factor of 15, if the sum of the deposits is less than 400 rubles.
When accepting an application for payment of compensation for paying for funeral services, a note on the payment made is made on the death certificate of the owner of the deposits.
The amount of compensation for the deposit depends on the period of storage of deposits and is determined using the following coefficients:
- 1 - for deposits that are currently in effect, as well as for deposits that were in effect in 1992 - 2019 and closed in 1996 - 2019;
- 0.9 - for deposits that operated in 1992 - 1994 and closed in 1995;
- 0.8 - for deposits that operated in 1992 - 1993 and closed in 1994;
- 0.7 - for deposits that were in effect in 1992 and closed in 1993;
- 0.6 - for deposits closed in 1992;
- 0.0 - for deposits closed in the period from June 20, 1991 to December 31, 1991.
So, for example, a depositor born in 1947, on a deposit closed in 1995, is entitled to compensation in the amount of 2 times the balance of deposits in the Savings Bank of the Russian Federation as of June 20, 1991 using a coefficient of 0.9.
In the light of the laws listed above, I would like to draw the attention of citizens to the following points:
- Payment of compensations to citizens (their heirs) who do not have citizenship of the Russian Federation, but live in the territory of the Russian Federation is not provided.
- Compensation for existing deposits in 1991 is not made to citizens residing outside the Russian Federation who are foreign citizens or stateless persons.
- Payment of compensation on deposits opened on the territory of states that were previously part of the USSR is carried out only by these states and only in accordance with the legislation of these states.
- Payment of compensation for deposits opened after June 20, 1991 is not carried out at all.
Documents for payment of compensation on the deposit
Compensation payments for deposits made in 1991 are made at the subdivisions of Sberbank of Russia at the location of the deposits. To receive compensation, Sberbank is presented with the following documents:
- Contributors (or their representatives), citizens of the Russian Federation:
- power of attorney with the right to receive compensation;
- application for compensation (issued at the bank);
- savings book (if any);
- a statement about the loss of the passbook, if the passbook for the current deposit is lost;
- on a deposit closed in 1992-2019, the depositor draws up a corresponding application at the bank.
- Heirs, citizens of the Russian Federation:
- identity document;
- a document confirming the right to inheritance;
- certificates of death of the owner of deposits;
- a document confirming that the depositor was a citizen of the Russian Federation on the date of death (if necessary);
- savings book (for current deposit);
- in the absence of a savings book for a current deposit or upon receipt of compensation for a deposit closed in 1992-2019, the depositor draws up a corresponding application at the bank.
Read also: Can the salary be below the living wage?
For information on the documents required for payment of compensation on deposits, you can check with the operational employees of Sberbank or by calling the Bank's help desk. An application form for compensation can be downloaded here or searched on the Sberbank website.
All original documents presented to Sberbank (passport, savings book, death certificate, documents confirming the right of inheritance, etc.) are returned to customers by a bank employee after filling out an application and making copies of these documents.
The amount of compensation paid to the owners of deposits is reflected:
- for closed deposits - in an expense cash warrant, which the depositor must sign. Before signing the order, check the amount and if there are questions about the amount, then the receipt should be postponed until the calculation is verified. It is advisable to get a copy of the warrant in your hands.
- for unclosed deposits - the operation of crediting compensation and the amount of compensation are reflected in the savings book with the mark "compensation". The passbook should be returned to you.
Calculation of the amount of compensation for the deposit
To calculate the amount of compensation for deposits made before June 20, 1991, specially compiled formulas are used.
So, the amount of compensation on deposits can be calculated independently using the following formulas:
1. The amount of 3-fold compensation is determined by the formula:
The designations used in the formulas are deciphered as:
Explanations for determining the amount of the balance of the deposit from which the calculation of the amount of compensation is carried out:
For the correct preparation of the calculation according to the formula, it is necessary to take into account that the balance of the deposit as of 20.06.1991. can be made up of two sums:
- funds on the deposit account (account number is indicated in the passbook)
- funds on a special account opened by Decree of the President of the USSR dated 22.03.91 N UP-1708 (the account was opened if the deposit on 01.03.1991 was more than 200 rubles).
This means that in addition to the amount of the deposit indicated in the passbook, the amount of compensation under Decree No. UP-1708, which was paid to depositors for all deposits, based on their balance as of March 1, 1991, also participates in compensation payments. Such an amount will not be available only to depositors who made their contribution in the period from 03/01/1991 to 06/20/1991.
In accordance with the Decree of the President of the USSR dated March 22, 1991 N UP-1708 “On compensation to the population of losses from the depreciation of savings due to a one-time increase in retail prices”, Sberbank depositors were given a one-time increase in the amount of savings by 40 percent of the balance of the deposit as of March 1, 1991 ., which was calculated as follows:
When receiving compensation, it is especially worth paying attention to whether the amount of compensation on the second account was included in the total amount of compensation, since Sberbank employees “sometimes” for some reason “forget” about the payment on this account.
Who is not eligible for deposit compensation?
I repeat once again that compensation to contributors or heirs is not paid in the following cases:
Bibliography
For the preparation of this material used:
The last changes to the material were made on 04/03/2019.
Today, the issue of reimbursement of cash deposits that were placed by citizens during the Soviet Union is still relevant. On this basis, the government is developing new programs of state payments for lost deposits.
Dear readers! The article talks about typical ways to solve legal issues, but each case is individual. If you want to know how solve exactly your problem- contact a consultant:
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However, the legal subtleties of this issue put many citizens in a difficult position. Therefore, you need to figure out whether it is possible to return the money if the deposit was made before 1992, what documents are needed for this and how Sberbank makes payments in 2020.
General information
It so happened historically that the lost deposits were placed on the territory of another state (USSR). For depositors of that time, there was only one financial institution - Sberkassa. The inflation rate was zero. Size interest rate on cash deposits amounted to 3% in year.
However, do not forget that as of 1991 there was a terrible shortage of any product in the country.
Government reforms in the form of the abolition of state regulation of prices led to a rapid rise in prices for consumer goods. But, thanks to this, they began to gradually appear on the shelves. Unfortunately, the initiated reforms provoked the depreciation of the population's monetary savings.
Later, Sberbank became a joint stock company. Deposits that were placed before 07/20/1991 were recognized as state internal debt. To resolve the issue of reimbursement of monetary compensation, the Federal Law of May 10, 1995 No. 73-FZ was adopted. The state paid preliminary compensation to the first investors. Its size was no more 1 thousand rubles. Today, the amount of compensation depends on the age of the depositor. The government divided citizens into 2 categories, born before and after 1945. Therefore, the amount of compensation is:
- Before 1945 - triple the size of the deposit amount.
- WITH 1946 to 1991- double the amount of the deposit.
The designations used in the formula mean the following:
- Ov – deposit balance;
- Kk is the compensation factor;
- Rk is the amount of previously issued compensation.
Also, citizens need to take into account the reduction factor (Article 2 of the Law of September 25, 2009).
Its size depends on when exactly the deposit was closed, for example:
- deposits valid from 1992 to 2010, but closed from 1996 to 2010 - 1 ;
- deposits operating from 1992 to 1994, but closed in 1995 - 0,9 ;
- deposits active from 1993 to 1994, but closed since 1994 - 0,8 ;
- deposits operating in 1992, but closed since 1993 - 0,7 ;
- deposits active and closed in 1992 - 0,6 .
As you can see, only the first group of depositors receives compensation in full, and for the rest of the citizens, a recalculation is made.
With regard to the provisional reimbursement, it is withheld from the payment of the remaining amount of compensation. An analysis of the situation shows that the compensation is more of a social nature and is aimed at supporting vulnerable segments of the population.
Deposit insurance
If we compare deposits in Soviet times and today's deposits, we can see that little has changed since then. However, the government has developed a system of insurance of deposits of the population in order to minimize the risk of loss of placed deposits and restore the confidence of citizens.
Today, the amount of the maximum compensation is 1 million 400 thousand rubles.
It is worth recalling that the previous amount of compensation was only 700 thousand rubles., which is two times less than the current figure. If the depositor placed his money in different banks, then the amount of compensation is calculated for each deposit separately (Article 11 of the Law of 23.12.2003). Therefore, if a credit institution suddenly goes bankrupt, then citizens will be able to return their money in the above amount. At the same time, participation in the insurance system is mandatory for all banks (Article 6 of the Law of December 23, 2003).
The responsibilities of a lending institution include:
- payment of insurance premiums;
- informing depositors about participation in the insurance system;
- keeping records of obligations to investors.
The following are not subject to insurance:
- bearer deposits;
- deposits placed in Russian banks abroad.
Also, finances transferred to the bank for trust management are not insured. This type of contribution is more related to investing.
Normative base
The regulation of the procedure takes place in accordance with the law:
- One of the first regulations that regulated the issue of compensation for deposits was the Law "On the restoration and protection of savings ...".
- Another document regulating the issue of increasing the amount of savings is Presidential Decree No. UP-1708 dated March 22, 1991.
- Later, the procedure for making compensation payments was developed, approved by Government Decree No. 1092 of December 25, 2009.
- The placement of deposits and the procedure for their return is approved by the Federal Law "On banks and banking activities ...".
- Insurance of deposits of the population takes place within the framework of the Federal Law "On Insurance of Deposits ...".
- The procedure for paying compensation was approved by the decision of the board of the State Corporation "Insurance Agency ...".
- Contractual relations and the procedure for entering into an inheritance are governed by the provisions of the Civil Code of the Russian Federation.
Package of documents
The main document for receiving compensation is the depositor's passport and passbook. If the savings book has been lost, then its data can be restored at a branch of Sberbank. The depositor or his heirs may apply for a refund. However, in order to receive compensation, heirs must provide evidence of the right to inherit.
The basis for the payment of compensation is the application of the interested person (Article 10 of the Law of 23.12.2003).
Separately, it is worth recalling that if the contributor died between 2001 and 2010, then his heirs can receive a partial one. The limit amount of compensation is set at 6,000 rubles. (Article 5 of the Law of September 25, 2009). However, the condition for receiving this amount is the amount of the lost deposit, which should not be less than 400 rubles.
To receive this type of compensation, the person concerned must submit:
- statement;
- documents on the right to inheritance;
- passport;
- death certificate;
- savings book of the owner of the deposit.
Separately, you may need a document confirming the citizenship of the depositor.
Such a document could be:
- help of the housing office;
- extract from the house book;
- certificate from the place of work of the deceased.
If the interests of the depositor are represented by a third party, then he will need to provide a power of attorney. TO funeral compensation is not included in the amount of reimbursement of deposits, provided that it was received earlier. If the depositor had money placed in different branches of the Savings Bank, then compensation for the funeral is made only in one of them. In order to avoid double receipt of funds, a corresponding mark is made on the death certificate. In addition, the issuance of money is displayed in the bank's cash order or in the passbook.
Payment procedure
Today, the procedure for paying compensation to depositors is enshrined in Article 12 of the Law "On Insurance of Deposits ...". By law, the bank is obliged to notify the Agency of the occurrence of an insured event. The notification must be accompanied by a register of existing obligations to investors. After that, the Agency, within 7 days, publishes an announcement in the media on the procedure for submitting applications and the procedure for paying compensations.
In addition, within a month, the Agency notifies depositors of the occurrence of an insured event.
Payment of compensation to depositors is carried out in accordance with the above register. To do this, the Agency is assigned 3 day period from the date of submission of the necessary documents. However, the countdown starts after 14 days from the date of occurrence of the insured event. After paying the compensation, the Agency issues a certificate to the depositor confirming the fact of the money issuance and the amount of compensation. A copy of this document is sent to the bank.
Calculation of the amount
As already mentioned, the amount of the payment depends on the age category of the recipient of compensation. A reduction factor must also be taken into account.
Let's say the contributor was born in 1943. As a consequence, the amount of compensation is subject to a triple increase. The amount of the deposit is 2 thousand rubles. The money was placed in 1993. The deposit was closed in 1995. In this case, the coefficient 0,9 .
The calculation of the amount of reimbursement of Soviet deposits is made as follows:
2000x3x0.9 = 5400 rubles.
As you can see, the investor is supposed to 5400 rub. compensation. Moreover, if he previously received a preliminary reimbursement, then it will be deducted from the accrued amount.
Interested parties can also view the history of compensation payments from 1996 to 2020.
Questions
- How to return the deposit if the bank's license was revoked?
- The procedure for the return of the target contribution for children.
- Putin's influence on the size of insurance payments.
- What to do if the bank does not issue compensation?
When revoking a license
Cancellation of a banking license is an insured event, as a result of which the depositor can claim a refund of the deposit in the amount established by law (Article 8 of the Law of 23.12.2003). The procedure for payment of compensation was discussed above. If the bank did not participate in the compulsory insurance system, then payments to depositors are made within the framework of the Federal Law of July 29, 2004 N 96-ФЗ “On payments by the Bank of Russia ...”. At the same time, depositors must take into account the instructions of the order of the Central Bank of November 17, 2004 No. 1517-U.
The basis for receiving a compensation payment is the occurrence of an insured event.
In other words, you can get a refund:
- upon revocation of a license;
- as a result of the introduction by the Central Bank of a moratorium on the satisfaction of creditors' claims.
Targeted contribution for children
By law, any deposits that were opened as of 06/20/1991 and valid until 12/31/1991 are subject to compensation. As a result, earmarked deposits for children are also subject to reimbursement.
Payment of compensation occurs in the general order.
The depositor or the person who closed the deposit can receive a refund.
Putin and payments
This year the government has allocated 50 billion rubles. to compensate for burnt deposits to the population. It is planned to allocate similar amounts to pay off debts to the population in 2020-2016. At the same time, more than 200 billion rubles have already been reimbursed to depositors over the previous four years. The current president of Russia, V. Putin, defended the interests of citizens back in 2010, being prime minister at that time. Therefore, the decision to increase the amount of insurance compensation from 700 thousand to 1.4 million rubles. in case of liquidation of a credit institution is a continuation of the previously initiated policy.
7 commentsIn the language of numbers, the increase in the amount of compensation for current deposits has led to the fact that the volume of liability of credit institutions has increased by 12%.
TO SBERBANK, TO THE cherished window,.
On May 16, 1996, the President of Russia signed Decree N 733 “On measures for preliminary compensation of deposits of citizens of the Russian Federation in the Savings Bank of the Russian Federation that depreciated in 1992-1995”. From June 10, 1996, Russian clients of the Savings Bank who are 80 or older can come to their Sberbank branch and receive up to a million rubles. And some more.
According to the Decree, all deposits to the Sberbank of the Russian Federation made before June 20, 1991, if their current owner was born in 1916 or earlier, are subject to 1000 times compensation. The amount of compensation (in 600, 700, 800, 900 or 1000 times) depends on what happened to the deposit after June 20, 1991. In this case, only one thousand rubles will be compensated for the time being from each deposit exceeding this amount (or the entire deposit, if it is less than a thousand).
The maximum amount of compensation will be one million rubles per deposit.
Compensation payments have affected so many people, many questions arise related to the procedure for carrying out compensation and the rights of certain citizens to compensation. Answers to these questions must be sought in the regulations adopted in the development of the Decree, which regulate in detail its application. These acts are approved by the Government of the Russian Federation, the Central Bank of the Russian Federation, the Ministry of Economy of the Russian Federation, the Ministry of Finance of the Russian Federation and Sberbank itself. Since not all of these documents are widely known, we publish answers to some questions related to the ongoing compensation.
Questions from depositors to Sberbank
In 1991, I reissued the passbook due to the loss of the old one. Is my deposit subject to compensation, are my actions considered closing the deposit?
In accordance with the instructions of Sberbank, it is not the closing of a deposit: issuing a new savings book (in case of loss or exhaustion of the old one, when changing the surname); transfer of a deposit to another institution of Sberbank of Russia; re-issuing it into another type of savings (from “on demand” to “urgent”, etc.). Therefore, your contribution is subject to compensation.
When will the deposits of those born after 1916 be compensated? ?
~ According to Alexander Livshits, Assistant to the President for Economic Affairs, preliminary compensation for persons born in 1917-1921 will begin by the end of 1996. The relevant Decree of the President of the Russian Federation is currently being prepared.
My mother turns 80 in July 1996. Is she entitled to compensation? ?
~ In accordance with the Decree, all Sberbank depositors born in 1916 and earlier are entitled to compensation if their deposit in Sberbank was made earlier than June 20, 1991. Therefore, there is a right to compensation.
Illegal actions of Sberbank
In our bank account, one thousand rubles is indexed, but they don’t give money into the hands (they say that there is no money), but only make a corresponding note in the passbook. How legitimate are such actions of employees of the savings bank, and what should I do in this case?
The actions of this branch of the Savings Bank of the Russian Federation are certainly illegal; money must be issued at the first request of the depositor in full. You can complain about the actions of your savings bank to the local branch of the Central Bank of the Russian Federation or to Moscow directly at Savings bank RF (Moscow, Seleznevskaya, 40). For our part, we undertake to transfer a copy of the letter and the issue of the magazine with this question to the Administration of the President of the Russian Federation and Sberbank of the Russian Federation and publish their answers. According to Presidential Decree N 810 “On measures to strengthen discipline in the public service system”, we are obliged to provide the results of the proceedings on this issue within two weeks from the date of publication of the material.
What contributions are eligible for compensation?
Which deposits are eligible for compensation ~ Can I, for example, be compensated for a so-called “children's deposit” deposit made to my grandson? Or can he get this compensation himself?
According to the Decree, all types of deposits made to Sberbank before June 20, 1991, urgent, for third parties, certificates of the USSR Sberbank, etc., must be compensated. Loan bonds of 1982, treasury bills of the USSR and other savings of citizens, if they are made through Sberbank. But so far, the procedure for calculating and paying compensations is regulated only for three types bank deposits urgent, cumulative and on demand. Compensation for all these contributions, with the exception of the three indicated, has not yet been streamlined. Let's hope this is in the near future.
When can I go for compensation at any time or do I have to wait for some kind of official invitation?
The "Regulations on the procedure for preliminary compensation" adopted in pursuance of Decree N 733, instructs the Sberbank of the Russian Federation to personally notify depositors of due compensation and personally invite them to receive payments. This measure is not only a sign of respect for the age of depositors, but also the convenience for Sberbank employees to work without queues. At the beginning of July, the mailing of these notifications practically did not start. But, as practice shows, compensation can be received simply by coming to the Savings Bank without any invitation. If the branch of Sberbank serving you did not send you a personal notice of the amount of compensation due to you, you or your representative (having a power of attorney to dispose of the deposit, certified by the Russian Economic Administration or your branch of Sberbank, and two passports - yours and yours), have the right to demand its payment Anytime.
When are compensations paid and can they be received in installments?
You are required to pay all or part of the compensation as soon as it is accrued. At the request of the depositor, compensation can also be credited to any account that already exists or opened specifically for this purpose and paid to him at a time convenient for him.
I have several deposits of 1000 rubles each in S6 Savings Bank, made in 1990. What compensation can I expect?
All deposits are subject to compensation. That is, if you fall into the category of citizens who are entitled to compensation, then for each contribution you can receive one million rubles. Such cases have already been recorded in the Moscow branches of the Savings Bank.
Are the heirs of those who were born in 1916 and earlier, but did not live up to the compensation, entitled to compensation?
This is the most difficult and controversial issue. Judging by the reports of depositors, compensation is usually not paid to heirs. None of the documents that determine the procedure for compensation, this issue is unambiguously resolved. But one thing is for sure, if the heir himself was born in 1916 (or earlier), then he is entitled to compensation. Any cases of refusal in this situation are illegal and they can be appealed through the court and administratively (Central Bank of the Russian Federation, Prosecutor's Office, etc.)
Will the depositor, who has received the entire amount of compensation or part of it, lose the right to further restoration of his savings under the Federal Law “On the restoration and protection of savings for citizens of the Russian Federation”?
No, it will not lose, but in the future, when implementing this law, the amount received by it will be taken into account when determining
| Deposit status | Compensation amount |
| Closed in 1991 | Compensation is not subject |
| Closed in 1992 | Compensation 600 times |
| Closed in 1993 | Compensation 700 times |
| Closed in 1994 | Compensation 800 times |
| Closed in 1995 | Compensation 900 times |
| Closed in 1996 | Compensation 1000 times |
| Not closed yet | Compensation 1000 times |
debt value of the investment. Just in case, the owners of deposits closed in 1991 due to re-registration, transfer, etc., we would advise you to demand a copy of the document confirming the right to compensation, or a certificate of its availability. The material was prepared with the support of the Russian Union of Pre-Reform Investors (Moscow, 101000, Luchnikov per., 4, sub. 3, tel. 206 84 77, fax 206 82 71)
The debt on the savings that burned down in 1991 will be more than twice the government spending this year. How will the state pay the bills?
The fairy tale is coming soon...
Every year in early December, Russian President Vladimir Putin signs a law on the transfer of compensation for Soviet deposits. I also signed last year.
The government owes us a lot. In accordance with the federal law of 1995 "On the restoration and protection of savings of citizens of the Russian Federation", guaranteed savings amount to 345.54 billion rubles of the USSR. Of these, deposits with the Sberbank of Russia made before June 20, 1991 - 315.3 billion rubles; securities(USSR and RSFSR), the placement of which was carried out on the territory of the RSFSR in the period up to January 1, 1992 - 0.84 billion rubles.
However, there are other estimates as well. Economist and former adviser to President Putin Andrei Illarionov a few years ago called the amount of 369 billion rubles accumulated only in accounts at Sberbank by 1990. Analyst of operations in the Russian stock market of Freedom Finance Investment Company Alexander Osin says about the amount of 662 billion rubles, and Oleg Bogdanov, a leading analyst at QBF, that the amount of funds could vary from 600 billion to 800 billion rubles.
This is money that was destroyed by Pavlov's monetary reform of 1991, hyperinflation, which turned out to be above 2500% in 1992, "freezing" of deposits and other charms of "shock therapy". “In terms of scale, this expropriation is comparable to the forced collectivization in the countryside in the 1930s,” wrote American economist and journalist Jude Wanniski. “Its economic consequences are no less devastating, although it was carried out without violence and deportations.” However, the state subsequently promised to return the citizens of their savings.
Already in 1995, the law "On the restoration and protection of the savings of citizens of the Russian Federation" was adopted, which guaranteed the safety of the savings of citizens placed in Sberbank until July 20, 1991 - on this day Sberbank was transformed into a joint-stock company. In addition, the state promised to compensate for savings drawn up in the form of insurance before January 1, 1992. Russia recognized all these savings as its internal debt. And in order to calculate the current amount of debt, which has changed over time, she introduced the concept of a debt ruble - a unit of debt.
How exactly this debt ruble should be calculated, the deputies tried to explain in the next law - "On the procedure for establishing the debt value of a unit face value of the target debt obligation of the Russian Federation." In it, firstly, a "necessary social set" appears. This is a "fixed set of basic consumer goods and services traditional for the population of the Russian Federation, the composition and volumes of consumption of which are necessary to ensure human life and preserve his health." And secondly, a calculation algorithm is proposed: it is necessary to determine the cost of this set in 1990 prices and compare it with the cost of this set in current prices. The resulting ratio will be the value of the debt ruble, with the help of which all deposits will be recalculated. And then the law “On the basic cost of the necessary social set” followed, which determined its annual value at 464 rubles of the USSR. Boris Yeltsin signed the law in February 1999, but its implementation is constantly being postponed. Now for 2023.
Why are payments delayed?
In an explanation to the law, signed in December by Vladimir Putin, the delay is explained by the absence of laws that ensure the transfer of deposits into targeted debt obligations of Russia and the procedure for servicing them. That is, the appropriate regulatory framework has not been prepared for 20 years. “However, in modern Russia there are no difficulties with the mass development and adoption of any bills,” says Mikhail Khanov, Managing Director of IC Algo-Capital. Why did the necessary laws never appear?
Experts name several reasons for the constant transfer of payments of Soviet deposits.
1. Return of savings does not fit into the political course. “This is due to the long-term trend towards curtailing social guarantees in the country,” explains Mikhail Khanov. - This has its own sound logic. If the state does not allocate money to solve more pressing problems, then the payment of the debts of the Soviet Union can also be postponed. It would be naive to expect a solution to this issue in the year when the painful increase in the retirement age took place.” The authorities are not interested in the implementation of this law, because the depositors either died or lost hope of returning the money for 28 years, says Anton Tabakh, director of macroeconomics at Expert RA.
2. It's not clear how much to pay. “It is difficult to assess the objective value of Soviet deposits, taking into account the accumulated inflation since 1991 and the current exchange rate of the ruble,” said Narek Avakyan, head of the investment department at BCS Broker. “I think the main motive for the suspension of payments lies in the absence of a mechanism for recalculating compensation: it is not clear how Soviet savings can be converted into modern currency,” agrees Oleg Bogdanov. But it is clear that we are talking about very large sums. “These are tens of trillions of rubles,” says Avakyan, “objectively, the state does not have such an amount even with the current budget surplus and the amount of funds.” Hence the third reason.
3. No money.
But first things first.
How much does the state owe?
In October 2019, the government calculated the debt to the Russians: 45.4 trillion rubles will be required to pay off Soviet savings in 2020, this figure will grow to 47.22 trillion in 2021, and up to 49.11 trillion in 2022. “The financial assessment was carried out based on the total volume of guaranteed savings in the amount of 345.54 billion rubles, the size of the unit face value of the target debt obligation of the Russian Federation as of December 30, 2002, 31.51 debt rubles (the last date of its determination by Rosstat) and the consumer price index (inflation ) for the period 2003-2022,” the financial and economic justification for the bill says.
This is approximately 2.25 of the annual federal budget or 5.5 of the National Welfare Fund, Anton Tabakh compares.
“The amount looks astronomical, but it cannot be considered too high,” Mikhail Khanov points out. “In Soviet times, government bonds were widely distributed on a voluntary-compulsory basis, and the accumulation of money in a savings bank was a very widespread practice.”
However, not all experts agree with this amount of debt.
Alexander Osin, an analyst at the Department of Operations in the Russian Stock Market at Freedom Finance Investment Company, believes that one ruble in 1991, taking into account the CPI and denomination, is equivalent to approximately 100 today's rubles. “According to my calculations based on the CPI, since 1991, the amount of debt on deposits has been 62.5 trillion rubles,” says Osin.
It is possible to recalculate the debt based on the price of gold, Andrey Lyushin, deputy chairman of the board of Loko-Bank, believes. “The average salary of a Soviet citizen, according to the State Statistics Committee, in 1991 was 200 rubles,” says Lyushin. “If you transfer this money at the rate of gold, then in modern Russian rubles you get 75,500 rubles.” According to these calculations, it turns out that the amount of debt to the Russians has grown to 130.4 trillion rubles.
The Russian authorities have provided their own version of the recalculation. The law speaks of a certain "basic set" - this is a conditional set of goods and services worth 464 rubles of the USSR. Actually, the change in the cost of this set should determine the cost of the debt ruble - the instrument with which the compensation will take place. The composition of this "basic set" provides a certain field for manipulation. “The basket of goods in this index can be significantly adjusted, for example, in order to ultimately reduce the amount of necessary payments, given the potential effect of such a program described above,” says Alexander Osin.
With the necessary social set, the state went for two tricks at once. Firstly, the social package turned out to be quite ministerial: citizens of the USSR were surprised to learn that they should have received an average of two and a half times more (based on an average salary of 200 rubles, which is discussed below). That is, already at this stage, the base for calculating inflation for recruitment turned out to be greatly overestimated. Secondly, the state managed to calculate the cost of the set without determining its composition, which left itself considerable room for maneuver.
But there is another interesting nuance in the logic of the authorities - the same debt ruble. This tool was invented solely to compensate debts to depositors of the Soviet Sberbank. Meanwhile, the Russian Federation recognized Soviet deposits as internal debt. And with the rest of the debts, it is calculated in ordinary rubles or foreign currency. What if we use, for example, US dollars in compensation calculations?
According to the information posted on the website of the Bank of Russia, by the beginning of the summer of 1991, 1 US dollar cost 60 kopecks, and during 1991 the dollar exchange rate fluctuated from 54.5 to 61 kopecks per US dollar. But this was the official course, which had little to do with reality. “It is impossible to give the real price of the ruble in 1991, since it was a non-convertible currency,” notes Oleg Bogdanov, a leading QBF analyst. - On the black market, the ruble exchange rate was at the level of 30 rubles per 1 US dollar. Over the past 30 years, the US inflation rate has fluctuated between 6% and 2%, so approximately $3 today is equal to $1 in 1991, or $1 in 2019 is equal to 10 rubles in 1991. This means that the exchange rate of the thirty-year-old ruble to the modern one, if we take the black market, is 1:6, and the official quotes are 1:120. If we assume that cash population in 1991 amounted to 800 billion rubles, now this figure must be multiplied either by 6 or by 120. The total amount of debt in the cases described will differ significantly: 4.8 trillion or 96 trillion rubles. Thus, the deputies have a wide field for determining the amount of debt on deposits.”
The most popular deposits with special conditions
Choice of Banki.ru users
| Name | Bid, % | Min. amount, ₽ | Min. term, days | |
|---|---|---|---|---|
| 6% | from 100000 | 1098 | ||
| 5.7% | from 300000 | 550 | ||
| 5% | from 100000 | 368 | ||
| 5% | from 100000 | 550 | ||
| 7.27% | from 100000 | 300 |
Will the state return our money?
“Obviously, the estimated amount of payments is unbearable for the state both now and for many years to come,” says Mikhail Khanov. “Moreover, even paying interest at the level of the current key rate would become a serious burden on the budget.”
The amount of compensation is too large to assume when mass payments will follow, even in a partial amount, Narek Avakyan believes. “In order to compensate them, we need a whole program, which will subsequently be much more expensive than the sensational national projects for 26 trillion,” Avakyan believes. Actually, partial payments are the only way out, according to Mikhail Khanov. "The condition for real mass payments on old Soviet debts is to write off most of them to an amount that the state is willing and able to compensate," he says.
However, it is important to remember that the existing law does not provide for the payment of "live" money, but the conversion of old Soviet debts into new target debt obligations, for which it was necessary to introduce the concept of a debt ruble. “There are examples of such papers in world practice,” says Mikhail Khanov. - For example, the first ever perpetual bonds were issued in the UK and circulated for 264 years. Their yield was 3.5% per annum.”
At first glance, this may be a good decision for the government, since in the case of issuing perpetual targeted bonds, the final solution to the problem is postponed indefinitely, Khanov believes. “In addition, over time, this debt is likely to be “eaten up” by inflation,” the expert adds. “But the main problem is the very large size of the hypothetical issue, on which current interest will have to be paid.”
There is another option. Compensation can be not only bonds, but also shares, Oleg Bogdanov believes. “We can agree with German Gref, who suggested compensating deposits with shares of Russian companies, which would be useful both for the population and for the Russian stock market,” says Bogdanov. - But since it is difficult to fairly assess the value of Soviet deposits, from my point of view, it would be right to fundamentally change the decision on compensation and accrue funds in the form of shares and bonds to all former citizens of the USSR, based on their seniority. It is possible, for example, to equate one year to some amount feasible for the Russian government, and thus close the issue.”
Would like to...
The long-term potential of the economy makes it possible to pay off debts to its citizens, Alexander Osin is sure. “Payments on Soviet debts are possible as part of the process of economic recovery, which, it seems, should include additional capitalization of banks, remonetization of the economy, reduction of the tax burden (first of all, this concerns VAT and the “flat” personal income tax scale) - softening the conditions for its administration, canceling the increase in pension age, strengthening the regulation of the foreign exchange market, reforming the system of stabilization funds,” Osin lists.
Here, in fact, lies the problem. The authorities are not interested in such compensation, and here is why. “An increase in money supply growth by 5 trillion rubles a year for nine years (which will give a total of 45 trillion rubles of debt. - Approx. Ed.) Will cause a short-term but significant acceleration of inflation in the first and second years of payments,” explains Osin. - As a result, when implementing this program of payments, either a noticeable acceleration in GDP growth will occur, or, if this growth is curbed by maintaining tight monetary and tax conditions, a noticeable remonetization of the economy will be achieved (a decrease in the ratio of GDP to money supply and base). In both cases, the real demand for investment in Russia will increase, but the current economic and financial authorities prefer to maintain tight control over the dynamics of GDP and inflation, without creating significant investment alternatives for the market. Such a policy of developing countries ultimately works to maintain the status quo in the global division of labor, reduce risks for the existing global economic system, albeit at the cost of stagnation and increased risks in national economies.”
In other words, the compensation of deposits is possible under one condition: the country's economic policy must be radically changed. “However, there is no signal of a radical change of course in domestic politics,” says Alexander Osin. “Accordingly, it is unlikely that such changes are possible in the near future.”
Exceptional case
We could not find examples of similar payments to the population - on the same large scale and under similar conditions (a radical transformation of the economic structure). However, in the history of modern Russia there are examples of the settlement of even smaller, but at the same time more “age” debts. In 1997, Russia finally closed with the French government the issue of settlements on tsarist-era bonds, assuming an obligation to pay $400 million to French creditors, says Mikhail Khanov. “However, the children and grandchildren of the ruined holders of these bonds are still dissatisfied with the size of payments,” the expert says.
The issue will resolve itself
There is one more problem. “We must understand that the beginning of a real solution to this problem will give rise to a lot of dissatisfaction with the form and size of payments,” Mikhail Khanov believes. - In addition, massive problems are expected with documentary evidence of the presence of deposits 30 years ago. From this point of view, the government quite rightly fears "to wake famously."
Full compensation to citizens of the debts of the Soviet period is impossible from a financial point of view, and a partial solution is still unacceptable for political reasons, the expert believes. In the best case, the payment of compensation can be delayed for decades, by analogy with the housing program for veterans of the Second World War, the financier believes. Oleg Bogdanov also says that the decision will be delayed.
And then the issue will be resolved in a natural way, as it is resolved with WWII veterans. “Judging by the speed with which the population is decreasing in our country (0.4-0.5% per year), further delay in the issue of paying compensation on Soviet deposits will significantly reduce the amount of payments that the state announces today,” says Andrey Lyushin. “The issue has not been resolved for almost 25 years, and there are no prerequisites for the fact that it will ever be completely resolved.”
4.08/5 (40)
Question from Yuri Moiseev
Kirov, Kirov region
Tell me, please, what do you know about the situation with the payment of compensation on deposits that citizens made in the Sberbank of the Russian Federation in 1992-1993.
Answer
Compensation for deposits made in savings banks in the territory of the Russian Federation is already being paid. These payments will continue until they are fully repaid.
The state gives guarantees that the monetary savings of Russian citizens will be restored, and they will also be provided with the safety of the value of these savings (Law of May 10, 1995 No. 73-ФЗ “On the restoration and protection of savings of citizens of the Russian Federation”). Savings will be placed on deposits in the Savings Bank of the Russian Federation, and the state recognizes them as internal debt.
Reimbursement of deposits does not occur immediately. Payments are made in several stages. The recipients of the money are the depositors themselves, as well as their heirs when they reach a certain age.
According to the Law of 02.12.2013 "On the Federal Budget for 2014 and for the planning period of 2015 and 2016" in 2014, compensation was paid (three times the balance of deposits as of June 20, 1991) to depositors who were born before 1945 year inclusive. Depositors born in 1946-1991 receive compensation in the double amount of the balance of deposits in the Savings Bank of the Russian Federation. This provision also applies to the heirs of these contributors.
The amount of compensation (double or triple) depends on how many years the money was kept in the bank. The compensation will be reduced by the amount that the person received before (preliminary compensation plus additional compensation on deposits).
