Following the increase in the official interest rate by the Central Bank of the Russian Federation from 12% to 13% on Friday, September 15, several banks announced that they intend to increase the rates on their deposit and savings products. But not all banks are prepared to take that step, since they already offer their clients greater profitability.
Among the banks that have announced an increase in interest rates on deposits and savings accounts are Alfa Bank, Gazprombank and FC Otkritie Bank, Kommersant writes. But credit institutions do not reveal the magnitude of the increase and a significant increase can hardly be expected.
Alfa Bank and Gazprombank already have the most profitable deposits – 12.5% per year. VTB Bank is close to them with a rate of up to 12%, but this organization has no intention of raising rates:
“In August VTB offered its clients a yield increase of up to 12% annually; new decisions could be made in two weeks,” say the bank’s representatives, emphasizing that “they will respond to changes in the market situation.”
Pochta Bank is also ready to immediately announce a post-principal rate increase. The head of the bank’s commission and liability products service, Gennady Chausov, explains this by saying that the growth potential of deposit rates has practically been exhausted, since it was included in previous increases.
“In the short term, the market may react with a slight increase in savings and security account rates, since these are more flexible to market changes,” he believes.
The General Director of Validation of the Expert RA rating agency, Yuri Belikov, also does not expect sudden changes: if there is growth, it will be very moderate, plus between 0.8 and 1 percentage point in a month.
“For active operations, rates cannot quickly adjust to changes in the key rate due to lower asset mobility and the high debt burden of borrowers,” he says, emphasizing that “a further increase in the debt burden interest payments mean excessive credit risks for banks.”
Author:
Ekaterina Alipova
Source: RB
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