The Ministry of Finance of the RF plans to forbid savings certificates to a bearer

This initiative, as expected, will be submitted to the Parliament of the RF in a short time.

Many clients of banks were already able to appreciate the main advantage of such securities – they make it possible to convert funds to one document, which can be transferred to any persons, inherited by any persons, as well as allows to gain fixed income at the rate specified by a bank. The main advantage – it is easy to transport and handle, especially if a converted sum is large. In cases when you need to make a monetary transaction at an early date, for example, in the estate market (without waiting for a transfer or additional bank commissions) - this financial instrument will prove its value.

Today the savings certificates (paper security, which verifies that a sum is placed on deposit in a bank) can be registered, i.e. according to this certificate, only (s)he, who has it executed, can get funds, and to a bearer – with an opportunity to transfer paper to other persons.
The main disadvantage of the savings certificate to a bearer – it is not secured by the deposit insurance system (DIS), and if it will be lost or stolen, it won’t be possible to recover funds on it, because there is no evidence-based mechanism, proving that exactly you were the owner of this certificate. Moreover, if a bank provided the certificate will be revoked a license – to refund money mentioned in it will be also impossible.

The Ministry of Finance offers to keep in circulation only registered savings certificates, which are given in documentary form and obligatory deposited. Only a natural person can be the owner of such paper. All registered certificates are included in the DIS.

Such bill is not groundless. In spite of that registered certificates are less attractive for clients, because they have reduced rates, the risk level with the circulation of certificates to a bearer is very high.