Tax on interest on deposits in 2024: everything you need to know

Tax on interest on deposits in 2024: everything you need to know

For the first time this year, more than 33 thousand residents of Tatarstan will pay personal income tax (PIT) on income from interest on bank deposits for 2023 for a total tax amount of 2.9 billion rubles.

Personal income tax on interest on bank deposits is calculated by the tax service based on information provided by banks and the state corporation Deposit Insurance Agency. The specified information is reflected in the Internet service of the Federal Tax Service of Russia "Personal account of the taxpayer for individuals" in the "Income" section.

Personal income tax is levied not on the deposit amount, but on the difference between the amount of interest received during the calendar year and the amount of interest calculated as the product of 1 million rubles and the maximum value of the key rate of the Bank of Russia from those in effect as of the first day of each month in the calendar year. Thus, in 2023, the maximum rate was on December 1 and amounted to 15%. Accordingly, the limit of non-taxable income was 150 thousand rubles. Individuals will have to pay personal income tax if the amount of interest on deposits for the year exceeds the limit. Thus, if the amount of interest on deposits exceeds this limit, the tax is calculated from the difference between the amount of interest and the limit. At the same time, the personal income tax rate depends on the total income for 2023 and is 13% up to 5 million rubles and 15% above this amount.

When calculating personal income tax on interest on deposits, income from ruble accounts, the interest rate on which throughout the year does not exceed 1% per annum, as well as interest income from escrow accounts, is not taken into account.

How to pay the tax? Information about the tax to be paid will be reflected in the tax notice for property taxes. Those citizens who are registered in the Personal Account of the Taxpayer on the website of the Federal Tax Service of Russia will receive a tax notice in electronic form, the rest will be sent by mail. The tax must be paid no later than December 2, 2024. Payment is available through the personal account on the FTS website, the mobile application "Taxes FL", the State Services Portal, the bank's mobile application