Russia’s largest banks rewrote the terms of their deposits in August, raising interest rates on deposits. Now they average 19% per annum, which is expected to be due to the increase in the key interest rate of the Central Bank of the Russian Federation. Izvestia spoke about this.
Author:
https://rb.ru/author/ntihonov/
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The most attractive offers are currently seen in the segment of short-term deposits of three to six months, where profitability has increased by between 0.8% and 0.9%.
It is known that the largest banks in the country, including Sberbank, Alfa Bank, MKB, Rosselkhozbank, Sovcombank and Rosbank, have already changed the conditions for deposits. There are even offers with a profit of 21% per annum for a deposit period of six months.
Financial experts note that the rate hike is an expected development that occurred after the Bank of Russia tightened monetary policy. In the second quarter of 2024, the increase in savings on bank deposits reached 1.9 trillion rubles. This is facilitated not only by high rates, but also by the complication of preferential mortgage conditions: citizens began to temporarily deposit funds on deposits.
Please note that the actions of the Central Bank of the Russian Federation are aimed at cooling demand and reducing inflation – this is important for economic development, but can sometimes slow down GDP growth; investors are advised to use short-term deposits or long-term deposits to secure their returns.
RB.RU reported in early August that the Bank of Russia could raise the interest rate to 20% or higher if it still has doubts about a sufficient slowdown in inflation.
Author:
Nikolai Tikhonov
Source: RB
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
