Which bank is best for transferring your pension

Why receiving a pension on a card is convenient

Receiving pension payments on a bank card is convenient. The pensioner receives the following benefits:

1. Convenience—no need to wait in line at post offices.
2. Funds are credited on the day they are received from the Pension Fund.
3. Opportunity to participate in bank bonus programs, receive discounts, and get special offers from partners.
4. The card can be used as a savings account.
5. Interest may be earned on the account balance.
6. Cash can be obtained on any day after it is deposited, regardless of your location.
7. Ability to pay for purchases and utility services online.

An additional advantage is increased security of funds, provided certain rules are followed and the risk of data compromise is eliminated. 

What to look for when choosing a bank

Banks create special cards for pension recipients, taking into account the financial goals and other characteristics of this demographic group. To obtain a convenient payment instrument with the opportunity to earn various bonuses and points, you should approach the choice of bank for card issuance carefully.

Remember that currently pension and social benefits are credited only to a card of the payment system “Mir”, Visa or MasterCard are not suitable for this purpose. 

The main criteria a pensioner should pay attention to:

1. Maintenance cost. In most cases, pension card maintenance is free of charge, but there are exceptions where free maintenance is conditional on a certain turnover or balance amount.
2. Bonuses. Interest on the balance and cashback are a modest but pleasant addition to the pension.
3. SMS notifications should be free of charge or inexpensive.
4. Card technologies, such as contactless payment capability.
5. Number of branches and ATMs. It's better to pay attention to banks that have branches within the district.

As an additional advantage when choosing a bank for receiving pension payments, consider the ability to withdraw money from partner bank ATMs without a fee. 

You can review the main terms offered by the bank and study service tariffs directly at a branch or on the official websites of the financial institution. To get a pension card, you will need to fill out an application and present your passport. Additionally, a pension certificate will be required if the applicant's age does not reach the generally established one, for example, a recipient of a preferential pension or survivor's benefit.

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Which bank to choose for receiving a pension

We will review the most popular banks offering pension cards, compare terms, and choose the most advantageous cards with free service.

Sberbank

The Mir pension card from Sberbank is suitable for crediting pension and social payments. Card service for recipients of pensions or benefits is free.

Other conditions to pay attention to:

• ability to make card-to-card transfers up to 50,000 RUB without a fee;
• cashback — up to 30% from partners and 1.5% on selected categories;
• contactless payment capability;
• SMS transaction notifications — 40 RUB per month;
• option to receive the card via courier;
• free card issuance;
• availability of bonus programs;
• 3.5% per annum on the account balance.

Note that in the bonus program “Spasibo” from Sberbank has cashback, but it is provided in points that can only be used for purchases from the bank's partners. 

VTB

The personalized debit card for pension payments from VTB has favorable service terms:

• card service and issuance — free;
• basic SMS notification package — 79 RUB per month;
• the bank accrues 7% per annum on the account balance;
• free cash withdrawal not only at VTB ATMs but also at any other ATMs;
• withdrawal limit — 350,000 RUB per day, up to 2,000,000 RUB per month;
• for every 100 RUB spent on taxi and transport services, and supermarket purchases, 2 bonus points are awarded.

To get the card, simply contact VTB with your passport and pension certificate. If you apply for the card before 30.11.2022 and the first payment is credited to it between 12.09.2022 and 30.11.2022, you will receive bonus 1000 RUB. Also, as part of the promotion, pensioners can receive a bonus of “100,000 RUB” to their pension. According to the terms, every 100,000th customer will receive this amount. The number of rewards is limited. 

Otkritie

The pension card from Otkritie Bank participates in the cashback service of the Mir payment system, providing cardholders with additional bonuses. Main service terms:

• free card notifications;
• cash withdrawal at any ATMs without interest;
• free card issuance and service;
• interest accrual on the account balance: up to 100,000 RUB — 5%, for 100,000-200,000 RUB — 3%;
• cashback for pharmacy purchases — 2%;
• withdrawal limit — up to 300,000 RUB per day, up to 1,200,000 per month.

To get the card, simply provide your passport.

Rosselkhozbank

The pension card with free instant issuance from Rosselkhozbank will suit many pensioners. Main service terms:

• free issuance and maintenance;
• free cash withdrawal at the bank's ATMs;
• 1% for cash withdrawal at other ATMs;
• daily withdrawal limit — 300,000 RUB;
• up to 7% on the account balance.
• SMS alerts cost 69 RUB per month.

The card is issued to citizens eligible for pension and social welfare payments.

PSB

When applying for a pension card at Promsvyazbank, the customer can take advantage of the following benefits:

• free card issuance and service;
• the option to get an unpersonalized card in just one bank visit;
• up to 7% per annum on the account balance;
• free SMS alerts on deposits;
• 3% cashback on purchases at pharmacies, gas stations, and pet stores;
• free cash withdrawals at all ATMs.

For PSB cards opened no later than 30.09.2022, you can receive a 1000 RUB bonus upon pension deposit. To do this, you need to submit an application at a PSB office, MFC, or on the Gosuslugi website and make any purchase with the card or pay for services.

Comparison of terms across different banks: table

The following table will help you choose the best bank to transfer your pension payments to.

Comparison parameter	Sberbank	VTB	Otkritie	Rosselkhozbank	PSB
Maintenance cost	0₽	0₽	0₽	0₽	0₽
Option to withdraw from other ATMs without commission	With monthly card spending over 75,000 RUB	yes	yes	no	yes
Cashback (%)	up to 30 %	up to 50% with partners	2%	3%	3%
Interest on balance	3,5%	7%	5%	7%	7%
Additional bonus programs	yes	yes	yes	yes	yes

All reviewed cards participate in the "Mir" bonus system for pensioners, provide contactless payment for goods, and allow earning bonuses in rubles.