Banks set a record growth in time deposits in October

Sberbank increased the volume of deposits by more than 830 billion rubles, VTB by 325 billion rubles, Alfa Bank by 183 billion rubles. Together, these banks accumulate more than two-thirds of the total volume of time deposits, which exceeds 24 trillion rubles.

Maximum deposit rates reached record levels: Sberbank and T-Bank offered 21%, Alfa Bank – 21.05% and VTB – 22%. The average maximum deposit rate of the largest banks reached 21.55% annually in November, which became a new all-time high.

Experts attribute the growth in deposits to attractive deposit rates, a high key rate and rising household incomes, but this policy increases banks’ financing costs. Expert RA CEO Yuri Belikov warned that in 2025 banks’ net profit may decline due to a reduction in net interest margin, a slowdown in lending and an increase in reserves.

• On October 25, the Central Bank’s key rate was increased by 200 percentage points. – to an all-time high of 21%. At the same time, banks increased rates on deposits and loans. According to estimates by the head of the Bank of Russia, Elvira Nabiullina, 116 trillion rubles have already accumulated in the accounts of Russian banks. These funds finance the loan portfolio, which amounts to 122 trillion rubles, said the head of the Central Bank.