State Labor Savings Banks System of the USSR

[1]: 274 In 1987, the system was renamed the Savings Bank of the USSR (Russian: Сберегательный банк СССР),[2] abbreviated as Sberbank.

Following the dissolution of the Soviet Union, its operations were reorganized into new institutions in the post-Soviet states, such as Belarusbank in Belarus, Eesti Hoiupank in Estonia, Halyk Bank in Kazakhstan, Latvijas Krājbanka in Latvia, Lietuvõs Taũpomasis Bánkas in Lithuania, Banca de Economii [ro] in Moldova, Sberbank in Russia, and Oschadbank in Ukraine.

After 1910, savings banks started subsidising credit cooperation institutions and extending loans to small lenders.

On the territory of the Russian Soviet Republic, savings banks were established by the Resolution of the Council of People's Commissars of 26 December 1922.

[1]: 89  On 27 November 1925, the State Labor Savings Banks System of the USSR was eestablished by the Regulation on State Labor Savings Banks of the Union of Soviet Socialist Republics, adopted by the Resolution of the Central Executive Committee and the Council of People's Commissars of the Soviet Union.

The banks were established with the aim of providing the population with the opportunity to store and accumulate money with interest accrual.

They introduced wider services such as money transfers, accepting various payments, e.g., for public utilities or fines, and depositing salaries.

A soviet passbook with the words "savings booklet" in the USSR's 15 official languages