A proposal to establish children’s savings accounts for every newborn in Russia, funded by an initial deposit of 100,000 rubles from the federal budget, has been submitted to the State Duma. The bill was introduced by Sergei Mironov, leader of the “A Just Russia – For Truth” party, and Yana Lantratova, head of the Duma Committee on the Development of Civil Society.

The savings account, according to proponents, aims to provide a financial “safety net” and an equal start for children as they enter adulthood. The funds, including accrued interest, can be accessed upon reaching the age of majority.

The explanatory note accompanying the bill emphasizes its objective to broaden the scope of state support for families with children through this new initiative.

The Pension and Social Insurance Fund would be responsible for opening the savings accounts using data from the Unified State Register of Civil Status Records.

According to Sergei Mironov, parents will not need to apply to open these accounts. The Cabinet of Ministers is expected to determine the procedures for managing and accounting for these special accounts.