Deposits in Gazprombank for pensioners - Conditions and interest in 2020

GAZFOND is the largest non-state pension fund in Russia, formed in 1994. In the spring of 2014, a joint-stock organization was founded, to which the rights and responsibilities for insuring citizens were transferred.

Today, NPFs have a high level of trust and demand among citizens of the Russian Federation. In this article, we will consider its level of profitability, reliability, entry methods and available cash accumulation programs.

About NPF

Founded in 1994, NPF GAZFOND is subordinate to OJSC Gazprombank and its subsidiaries located throughout the country. Clients can use the services of compulsory insurance, as well as pension provision.

The Fund is a member of the international NPF association Russell 2020 and is a co-founder of NPF organizations. At first, only Gazprom employees and their close relatives could use the fund’s services.

Over time, it has turned into an open organization that allows every Russian to invest their funds to replenish their funds. According to statistics from the official website, more than 400 enterprises cooperate with the Gas Fund in 2020.

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According to economists, this year the fund's profitability is minimal, but stable. Analysts believe that the Gas Fund is capable of providing citizens with pensions for many decades.

NPF engages in long-term investments and does not offer high returns over a couple of years. When transferring to this fund, citizens must expect 5 or more years of savings to receive a significant pension supplement.

As the Gasfond grew, other organizations joined it:

• NPF Heritage;
• KITFinance NPF;
• NPF Promagrofond.

In 2020, more than 6 million people entrusted their savings to the fund; the amount of pension savings amounts to 425 billion rubles. At the moment, about 16 billion rubles are being paid.

Interest rate

The annual interest rate for each deposit is individual and depends on the validity period of the deposit agreement. The only exception is the Pension Income program. In this case, the interest rate is 5.4%, regardless of the deposit period. For the other two sentences the percentage looks like this:

Conditions of registration

To use the fund's services, it is enough to conclude an agreement. You can sign the papers at any branch, as well as online on the website if the applicant has an electronic signature. Before signing, you can clarify the information by phone or in person.

When concluding a contract, a minimum package of documents is required. Fund staff advise potential clients about available pension schemes.

Then you just need to make a down payment and the account is open. The fund operates only by bank transfer.

The client has several options to make transactions:

• through the online system of any bank;
• Bank transaction;
• at the Gazprombank terminal;
• withhold part of your salary every month.

The Foundation also offers the following services:

1. Receive a tax deduction annually from contributions paid (13%, up to 120,000 rubles).
2. Inherit the funds of another client if the person is his close relative.
3. Register in your personal account and receive information about your savings without leaving your home.

What percentage

On average, the fund's return is 8%. It varies depending on the economic situation in the country and, taking into account inflation in 2020, is 4%. Customer savings grow by this amount every year.

Other deposit programs

In addition to the above banking offers, retired Russians can also take advantage of other deposit programs from Gazprombank. For example, “Your success”, “For life”, “Savings”, “At the top” and others. The interest rate and down payment amount for each deposit available to pensioners are presented below.

Note. The highest percentage is offered for the largest amount of initial investment. But for Russian pensioners, the most beneficial programs will be those developed by Gazprombank specifically for them. The percentage, of course, is not the maximum, but the down payment is quite acceptable.

What documents are needed

To become a client of NPF Gazfond, a citizen must provide:

• passport;
• SNILS;

• pensioner's ID.

Employees have the right to request additional documents, for example, registration information and the right to reside in Russia (if the applicant is a foreigner).

"Manage" group

These are deposits with the possibility of partial withdrawal of money from the account without loss of interest. They will be convenient for those investors who are accustomed to reserve the right to manage money, even if it is in a bank account. But their profitability is not great.

Deposit of Gazprombank "Business"

This is a deposit of individuals for free money management. The deposit can be replenished (the amount of the additional contribution is not limited), or you can withdraw money up to the minimum balance. Interest can be added to the deposit amount monthly to increase profitability, or it can be withdrawn.

Maximum percentage

3.4% per annum in rubles.

How to get

Make a deposit in the amount of 5 million rubles and a period of 271 - 366 days. Do it online (surcharge +0.2%).

In dollars

Maximum percentage

0.2% per annum in US dollars.

How to get

Make a deposit in the amount of 500 dollars and a period of 367 - 1097 days.

How to find out the amount

To find out the amount of savings and other data, the client must register in the Client Account on the NPF website.

To gain access to personal data, a citizen must fill out:

• information about the signed contract;
• email;
• basic data specified in the contract;
• phone number.

Registration consists of 3 simple steps:

• email registration, confirmation;
• basic data entry, verification;
• phone number confirmation, you will receive a code that you will need to enter on the website.

The user then creates a password to log into the site and gains access to personal account data.

Group "Accumulate"

These are savings deposits with the possibility of replenishment. There are no expense transactions for them; only interest can be withdrawn.

Gazprombank contribution “For life”

This is a deposit that allows the possibility of replenishing the account. The amount of additional contribution is not limited. Suitable for those who intend to save money. Interest can be withdrawn monthly, or added to the deposit amount to increase profitability.

Maximum percentage

3.8% per annum in rubles.

How to get

Make a deposit in the amount of 1 million rubles and a period of 367 - 548 days. Do it online (surcharge +0.2%).

In dollars

Maximum percentage

0.6% per annum in US dollars.

How to get

Make a deposit in the amount of 500 dollars and a period of 367 - 1097 days.

How to receive the funded part of a pension from NPF Gazfond

Pension savings are paid to citizens receiving old-age contributions. In NFP, it does not matter how exactly a person became a pensioner:

• ahead of schedule;
• within generally established periods (60 years for men and 55 years for women).

To receive the funded part of the pension, a person must meet 2 conditions:

• the onset of a citizen’s right to receive a pension;
• have a sufficient amount of accumulated funds.

Persons whose insurance part of their pension is no more than 95% of the funded part can count on lifetime payments of the funded part.

In 2020, it is calculated taking into account monthly payments for 18 years. That is, a citizen can determine the monthly payment by dividing the total amount of savings by 2020 months.

One time

Citizens whose savings amount is less than 5% of their pension can count on a one-time payment.

As a rule, citizens born in 1953–1966 and 1957–1966 fall into this category, since it took them only 3 years to accumulate a pension (from 2002 to 2004).

In addition to the above persons, citizens who:

• have reached the established retirement age;
• receive any type of disability pension;
• receive survivor benefits;
• have not accumulated the required amount of work experience to receive an old-age pension.

The main condition is participation in the savings scheme for any period of time.

Underwater rocks

Savings accounts have complex interest calculation schemes. The investor faces many pitfalls.

“A savings account has its own characteristics, which banks do not loudly announce. If you don’t take them into account, you may earn almost nothing,” warns Svetlana Krivoruchko, a professor at the Department of Financial Markets and Banks at the Financial University under the Government of the Russian Federation.

How to open an account correctly

If you do not deposit money into the account on the day the account is opened, then interest for the current billing period is not accrued or paid. Therefore, you need to immediately deposit money into your account.

“It’s most profitable to open an account at the beginning of the month and immediately deposit a large amount into it,” says Yulia Afanasyeva.

How to close an account correctly

If the account is closed before the end of the billing period, income for that month is accrued at a rate of 0.01% per annum. Therefore, it is not profitable to close the account in the middle or end of the month; it is better to do it in the first days of the next month.

“If the account needs to be closed, then it is better to do it next month, otherwise the minimum balance on which interest is accrued will be zero rubles,” says the expert.

Is it worth translating: pros and cons

Before signing an agreement with the fund, it is recommended to consider all the advantages and disadvantages. The advantages include:

1. The ability to replenish your account in any possible way, including by deducting part of your salary, through another bank, any bank terminal, online on the website or in person at a branch.
2. Make a tax deduction from contributions every year.
3. Choose any pension scheme, change it at any time.
4. Transfer funds to heirs or close relatives.
5. Terminate the agreement unilaterally at the discretion of the applicant, receiving the accumulated interest on the account and all contributions.
6. Use your personal account, receive any information about your personal account within a few minutes, keep track of receipts of funds.

Judging by customer reviews, the main disadvantage is the fund's profitability. In 2020 it is about 4%, no increase is expected in 2020. However, it is worth considering that in the state pension fund the profitability is zero.

The Fund has the right to stop indexing pensions at its own request, for example, to cover losses or survive a difficult economic period.

Citizens who transferred the funded part of their pension to a non-state pension fund have the opportunity to increase future payments. If you take care of your savings in advance, the Gazfond has all the conditions to provide for your old age.

Through State Services

So that Russian citizens can easily transfer their funds presented as a funded part of their pension to the NPF Gazfond, a service has been organized for drawing up an agreement through the State Services portal located on the Internet.

It provides contact information for regional representative offices of the fund, whose operators will help with the translation.

The Russian Pension Fund provided services for the transfer of pension savings from it to a non-state fund.

The authorization procedure on the government services portal is too labor-intensive, so the pension fund proposes introducing its own methods of attracting clients.

One of the fund’s options is to provide banks with the opportunity to act as an authorized person who operate in certification centers.

To register on the public services portal, you need to receive one of the following forms:

• activation code issued at the Russian Post office;
• an electronic signature issued by a special certification center;
• universal electronic card.

Users authorized on the government services portal can declare the transfer of pension savings to a non-state pension fund, for which it is not necessary to visit a branch of the pension fund.

But most officials and heads of consulting companies assume that Russian citizens do not use the services of the portal on a large scale, and are unlikely to take action to log in to it.

In addition, the number of portal users has reached only 7.1 million people, and the number of citizens forming pension savings is about 80 million citizens.

FAQ

Who can open a deposit with Gazprombank? Individuals over the age of 14 can make a deposit with Gazprombank, unless otherwise specified in the terms of the deposit. For example, pension deposits can only be opened by pension recipients.

Is it possible to open several deposits in my name at once? Yes, you can open any number of deposits in one name, there are no restrictions.

Are deposits at Gazprombank insured? Yes, deposits of individuals in Gazprombank are insured by the state corporation “Deposit Insurance Agency” for an amount of up to 1,400,000 rubles.

Are funds placed in ILI, NSZH, mutual funds and other investments insured? No. Funds placed in investment products are not subject to Federal Law No. 177-FZ dated December 23, 2003 “On insurance of deposits in banks of the Russian Federation.”