Individual pension plan sales through Sber digital channels increase fivefold in a year
A year ago, in March 2020, it became possible for SberNPF clients to take out individual pension plans (IPPs) through the SberBank Online mobile app, making this pension product even easier and more convenient to use. Sales through digital channels increased fivefold – previously, clients could only apply on the Sberbank NPF website.
Thanks to SberBank Online’s intuitive and accessible interface, concluding a contract takes no more than three minutes. Through the app, clients can deposit funds in their pension accounts, turn on automatic payments, and keep track of their total savings and investment income.
Over the past year, 17,000 clients applied for IPPs through SberBank Online, investing RUB 241.5 mn, with an average initial contribution of RUB 7,800. Almost 40% of clients activated automatic payments, helping them to make regular pension deposits, usually monthly.
Russians are increasingly understanding that they need to start saving for their future as early as possible, especially since they can do so conveniently through SberBank Online. Out of clients who have taken out an IPP in the 25-34 age group, one third did so using the mobile app. This is three times more than the same time last year. Clients seek to start saving for retirement when they are young, and digitization is facilitating that.
CEO, NPF of Sberbank
5 advantages of SberNPF’s IPPs:
- affordability (contributions start from RUB1,000; first contribution can be as small as RUB2,000)
- individual payment schedule (you can pay weekly, monthly, quarterly, annually, or randomly)
- early access to funds when necessary
- tax rebate of up to RUB 15,600 a year