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Explanation to the clients about deposit tax


On August 2nd the law №1588-VII came into force, which provides a unified tax rate of 15% on individuals’ income from deposits and current accounts.

Subject to 15% tax:

  • Income from deposits in banks and credit unions - the interest on the remaining balance of both deposit and card accounts of individuals, regardless of the amount of income received.
  • Income from savings certificates, mortgage-backed securities, bonds, certificates of real estate funds;
  • Income from asset management companies.

Not taxed interests accrued on the accounts for the payment of:

  • Salaries;
  • Pensions;
  • Scholarships;
  • Social benefits.

The Bank acts as the fiscal agent, holds and pays tax on individuals' income to the budget. The client receives the amount of income with the tax withheld.


Q: Does the deposits tax apply to the deposits made prior the law came into force?

A: Yes. But this tax will be held only from the income received after August 2. For example, if you put money on deposit on June 1, the interest accrued during June-July is not taxed, and in August it will be already taxed at 15%.

Q: What happens if the customer withdraws a deposit prematurely?

A: In this case, the tax will be recalculated based on the interest rate, provided the terms of the contract for the prematurely withdrawing. Unnecessarily withheld tax will be returned to the bank by reducing the amount of tax to be transferred by the bank for the current or next reporting month.

Q: Do customers need to declare such income and pay the tax?

A: No, all operations on its accrual, retention and transfer will be served by the bank itself. Customers are not required to declare such income, fill out and submit other documents, or to conduct their own calculations on this tax.

Q: Does the bank furnish to the tax service the information about the client, the amount of his deposit, the amount of tax counted?

A: No, the Bank shall transfer amount charged to all customers by a single payment, without disclosing information on individual customers. Bank secrecy is maintained.



Ukrsotsbank is one of the largest universal banks of Ukraine, operating in the local market since 1990. The bank offers full range of services to individuals and corporate clients.

The renovated Ukrsotsbank emerged on 31 October 2016 as a result of strategic deal whereby 99.9% of Ukrsotsbank shares have been transferred from UniCredit Group to ABH Holdings S.A. (АВНН) in exchange for a minority 9.9% stake in ABHH. Thus, the bank has combined 26-year-old traditions of Ukrsotsbank’s client-centric attitude, European quality of service inherent to UniCredit, as well as international banking expertise of ABHH in a number of European countries including CIS. Thanks to the successful synthesis and synergy of the two assets of ABHH in Ukraine, Ukrsotsbank and Alfa-Bank, the banking market of Ukraine will see the rise of a new stronger financial institution. This, in turn, will spur up technological advance, increase efficiency, improve quality of service for the clients, reduce cost of banking services whereas their range will inevitably expand.

The extensive retail network of Ukrsotsbank consists of 237 branches, its headcount reaching nearly 5 thousand employees.

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Rates apply to the actual date of writing-off from the account and are close to the bank’s exchange rate while blocking the necessary amount at the time of the transaction fulfilment.
At first card account currency is stated, hereafter the settlement currency with payment system is indicated.
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