Banks will no longer be able to hide the terms of deposits and loans.

      Starting from September 2027, Russian banks will be required to provide clients with complete information about their products and services. The corresponding law has already been published, reports "Russian Gazette."

      The new requirements will apply to deposits, loans, bank cards, transfers, and other financial products. Moreover, uniform rules will be in effect not only in bank branches but also on their websites and in mobile applications.

      As explained by the Bank of Russia, many clients currently face the issue that important terms are placed in hard-to-find sections of websites, in small print, or in lengthy documents that are difficult to study. At the same time, banks often focus only on attractive terms, while information about risks, fees, and restrictions is not fully disclosed.

      Additionally, the Central Bank notes that some financial organizations offer investment products alongside bank deposits, which may lead clients to misunderstand that such investments do not guarantee income.

      Experts believe that the changes will help combat so-called mis-selling—situations where a client is offered one financial product under the guise of another. In their opinion, banks should clearly and understandably state all service conditions so that a person can make an informed decision.

      The procedure for disclosing information will be determined by a special industry standard, which should establish uniform requirements for all credit organizations.