Quick Guide on Swiftly Setting Up a Basic Account to Access Pension or Benefits
In a move to streamline the payment process for social benefits, the Belarusian government has introduced Decree No. 363, effective from July 1, 2023. This decree aims to transfer social payments to special accounts in participating banks.
**Requirements**
The account, known as a basic account, is primarily designed for individuals who receive social payments such as pensions, benefits, or other government disbursements. To open this account, minimal identification requirements are imposed, often only requiring a national ID or passport.
**Process**
To open a basic account, a person needs to visit the office of an authorised bank, including MTBank, and submit an application. The application process may involve submitting identification and possibly documentation proving eligibility for social payments. Once approved, the bank will open the account with basic features enabling receipt and withdrawal of social payments.
**Benefits**
The benefits of a basic account include simplified access to social payments without the need for a full banking account. Recipients can expect reduced or waived maintenance fees, easy cash withdrawals, and possible card issuance linked to the account. The policy also facilitates electronic payment of utilities and other government services.
**Card Details**
The card issued for a basic account is a Belcard-Premium, offering a range of functions and cashback in certain categories. It is important to note that a person can only have one account in one financial organisation, including MTBank.
**Timeline**
Citizens who do not open a basic account by July 1, 2025, risk having their payments suspended. However, some individuals are exempt from this requirement, including social benefit recipients who receive money via the post office, disabled individuals, rural pensioners, citizens over 70 years old, individuals with limited mobility (Functional Class 3 and above), parents of children with disabilities under 18 years old who receive care benefits, other child benefit recipients who receive money through their workplace or educational institution, beneficiaries of funeral payments, and foreign residents with temporary residence permits.
**Free Services**
Decree No. 363 guarantees that many operations will be free for the recipient of social payments, including account maintenance, pension or allowance deposits, and SMS notifications about operations.
For precise details on Decree No. 363 and its implementation, including any recent amendments, official Belarusian government or National Bank sources should be consulted directly, as the search results do not provide that information. It is also worth noting that the bank will not charge the person for opening a basic account, and the card is issued for a period of five years, with card replacement also being free. The procedure for opening a bank account may take up to one day, but in practice, it happens faster.
Starting July 1, 2023, the following will be credited to basic accounts: pensions, child benefits, unemployment benefits, benefits for caring for individuals with disabilities or those over 80 years old, targeted social assistance, benefits for caregivers in foster families, benefits for twins, and school aid.
In the new financial landscape, this basic account presents a significant advantage for individuals dealing with personal-finance matters, as it simplifies the receipt and management of social benefits such as pensions and other government disbursements. Furthermore, businesses may find this change beneficial, as it promotes efficient business-to-government transactions by streamlining the process of paying utilities and other government services electronically.
