In simple terms
Interest on deposits and savings accounts is income, and personal income tax (НДФЛ, NDFL) is paid on it. But not on the whole amount: every year part of the interest is exempt from tax. Tax is paid only on what is above this limit.
You do not need to calculate it or file a return yourself. Banks report to the tax office how much interest was paid to you, and the tax office sends a notice together with property taxes.
How the limit is calculated
Limit = 1,000,000 ₽ × the highest key rate on the 1st day of the months of the year
Tax = (interest for the year across all banks − limit) × 13%
If income above the limit, together with other income of this group, is more than 2.4 million ₽ a year, the excess is taxed at 15%.
| Year interest was received | Highest key rate | Tax-free |
|---|---|---|
| 2023 | 15% | 150,000 ₽ |
| 2024 | 21% | 210,000 ₽ |
| 2025 | 21% | 210,000 ₽ |
| 2026 | 16% | 160,000 ₽ |
Calculate it yourself
Change the numbers and the step-by-step calculation updates instantly. Russian rules for 2026.
Example with numbers
In 2026 a person had two accounts in different banks:
- a deposit of 1,000,000 ₽ for a year at 15% without capitalisation — interest of 150,000 ₽;
- a savings account that held on average 500,000 ₽ at 14% — interest of about 70,000 ₽.
Total interest: 150,000 + 70,000 = 220,000 ₽. Above the limit: 220,000 − 160,000 = 60,000 ₽. Tax: 60,000 × 13% = 7,800 ₽.
The tax office will send a notice in 2027, and the tax must be paid by 1 December 2027. You can estimate your deposit income in the deposit calculator.
What is important to know
- Interest is counted in the year when it was paid, not when the deposit was opened. If a one-year deposit is opened in March 2026 and the interest is paid at the end of the term, it falls into 2027 income.
- With capitalisation, interest is considered received at the moment it is added to the deposit.
- Interest on accounts with a rate of no more than 1% a year is not counted (usually debit cards and current accounts).
- Interest on foreign-currency deposits is converted into roubles at the Central Bank rate on the payment date and is also included in the calculation.
- There is one limit for all banks, not one for each deposit.
Common mistakes
- Thinking that the bank will withhold the tax. In Russia the bank does not withhold tax on deposits — you must pay it yourself on the notice.
- Calculating the limit for each deposit separately and being surprised by the amount in the notice.
- Confusing today's key rate with the highest rate of the year. If the rate was cut, the limit is calculated at the highest rate on the 1st day of the months.
- Missing the 1 December deadline — then late-payment interest is charged and tax arrears appear.
In Russia, Kazakhstan and Belarus
Russia
The tax is calculated by the tax office (ФНС) from bank data (Art. 214.2 of the Tax Code, «НК РФ») and a notice is sent to you; it must be paid by 1 December of the following year. The limit is calculated across all banks together for the calendar year.
Kazakhstan
In Kazakhstan, interest on bank deposits of resident individuals is not subject to individual income tax (ИПН, IPN).
Belarus
In Belarus interest is subject to income tax of 13%, except on deposits in Belarusian roubles for a term of 1 year or more and in foreign currency for a term of 2 years or more. The bank withholds the tax.
Sources: Tax Code of the Russian Federation, part two («Налоговый кодекс РФ»), ConsultantPlus, Bank of Russia: key rate («Банк России: ключевая ставка»), Federal Tax Service of Russia («ФНС России»)