The average maximum rate on bank deposits in Russia exceeded 10% for the first time in a year and a half. The rise in deposit yields occurred against a backdrop of tightening monetary policy; Previously, the Central Bank had repeatedly raised the key interest rate.
The average maximum deposit rate in the largest Russian banks in the third ten days of September reached 10.19%. This was reported by the Bank of Russia based on the results of monitoring bank rates.
The rate rose above 10% for the first time in a year and a half. The last time the figure reached this level was in May 2022, when it was 11.8%.
Clients who contract a medium-term deposit can expect rates higher than 10%. For deposits for a period of three to six months, the rate is possible 11.1%, for short-term deposits of up to three months – 9.1% per annum.
The Central Bank’s monitoring includes ten of the largest Russian banks, including Sberbank, Alfa Bank, Tinkoff and Sovcombank.
Author:
Kirill Bilyk
Source: RB
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