The Russian State Duma is considering a bill to establish children’s savings accounts for every newborn citizen, funded by an initial deposit of 100,000 rubles from the federal budget. This initiative aims to provide financial support and equal opportunities for children as they reach adulthood.

The proposal, submitted by Sergei Mironov, leader of the “Fair Russia – For Truth” party, and Yana Lantratova, head of the Duma committee on the development of civil society, seeks to expand state support for families with children through this new savings measure. According to the explanatory note accompanying the bill, each newborn in the Russian Federation would have an account opened in their name with a one-time deposit of 100,000 rubles.

Mironov explained that the deposited amount, along with accrued interest, could be accessed upon reaching adulthood, serving as a financial safety net and providing an equal start in life. The Pension and Social Insurance Fund would be responsible for opening these savings accounts, utilizing information from the Unified State Register of Civil Status Records.

Parents would not be required to submit an application, and the specific procedures for managing and accounting for these special accounts would be determined by the Cabinet of Ministers. This initiative intends to streamline the process and ensure that every child benefits from this financial support from the state.