The tax deduction for family savings instruments will increase to 1 million rubles.

The Russian government has approved changes proposed by the Ministry of Finance to increase the tax deduction for contributions to long-term savings from 400,000 to 500,000 rubles for each parent. This was reported on October 10 on the official website of the Ministry of Finance.

It is specified that each parent will be able to receive a single tax deduction of up to 500 thousand rubles for the amount of investments in long-term savings if the excess of the standard deduction is associated with contributions to their children. An increased deduction for family savings will be provided until the child reaches the age of 18 or 24 if he is studying full-time.

"Thus, the maximum amount of tax deduction for a family will be 1 million rubles," the Finance Ministry noted.

If the amendments are adopted, they will enter into force on September 1, 2026.

Earlier, on October 9, it was reported that pensioners want to be granted the right to a tax deduction from interest on bank deposits. It was clarified that the bill was prepared for submission to the State Duma and sent for review to the government by the head of the Committee on Labor, Social Policy and Veterans Affairs, Yaroslav Nilov.

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