VTB to Provide 2,5 bln RUB to Social Security Recipients within 2 Years

In 2021-2022 the VTB’s support for clients receiving social security payments is to reach RUB 2,5 billion. Families with children, which transfer social payments to VTB bank card are to receive 2,000 rubles and free fraud insurance, announced Anatoly Pechatnikov, Deputy President and Chairman of the VTB Management Board, at the VTB Capital Investment Forum “RUSSIA CALLING!”

VTB will support clients who decide to receive their child allowance from VTB bank cards. To get this support they only need to transfer their social security payments to a VTB account from December 1, 2021 to March 31, 2022, and issue a bank card of the Mir payment system if necessary.

Every new child allowance recipient will get 2,000 rubles from the bank in one installment within a month after the first social security payment is done. The bank will also arrange for free fraud insurance for them to protect their cards and accounts, as well as free cancer insurance for children with the consent of their parents.

“VTB sticks to the Sustainable Development principles. Today credit institutions not only need to drive their sales and profits but also should provide additional support to socially disadvantaged groups of people to improve their financial situation. Such targeted aid is a fundamental part of VTB's ESG platform, and we call on all other banks to follow our socially responsible approach. This year we have already supported pensioners and families with children of school age. Now we’re launching a new comprehensive project to provide aid to our clients who receive social security payments for their children. We estimate that more over 25,000 families will benefit from it. Account service, receipt and withdrawal of social security money, as well as protection of money from fraud will remain free - it is the underlying principle of our work with such categories of people”, - said Anatoly Pechatnikov.

The three most common kinds of child allowances can be transferred to a VTB account via the unified portal of state services Gosuslugi. The client only needs to specify the account details of the Mir bank card they are going to use to receive their payments, and then follow the instructions on VTB's website. To transfer other kinds of child allowances, a visit to the relevant authority is still required. Earlier, VTB increased by 10% state “school” payments. Thus, the bank supported over 500,000 families. Assistance has also been provided to the elderly clients, who receive 2,000 rubles from the bank for transferring their pensions to VTB cards, as well as free fraud insurance of their accounts and cards, up to 7.5% annual interest on their account balance and cashback of up to 10% on purchases at pharmacies and utility payments done by card.

With the help of free fraud insurance of cards and accounts, clients get a compensation for the loss of funds if intruders bilk the client out of money or get their account details using social engineering techniques, as well as other types of fraudulent debits. The maximum compensation sum amounts to 100,000 rubles.

Cancer insurance for children, whose parents receive state child allowance to VTB card of Mir payment system, covers treatment of most tumors and provides for “turnkey therapy”, including surgery, search for a bone marrow donor and covering air fares for the sick child and the accompanying adult.