Russian banks raised deposit rates

Russian banks have decided to raise deposit rates. This was reported by credit institutions to "Izvestia" on Tuesday, December 17.

So, in the press service of VTB told that from today the bank raises rates on short-term deposits. On "new" for the bank money or for new clients the maximum rate on deposits for three months increased to 23.7% per annum, for six months - up to 24% per annum with interest payment at the end of the term for all segments.

At the same time, for current customers the maximum rate with interest payment at the end of the term for a three-month deposit will be from 22.1% to 22.7% per annum depending on the terms and conditions. With a deposit term of six months, current customers will be able to get the maximum rate with interest payment at the end of the term depending on the terms to 22.4-23% per annum.

"We expect an increase in the key rate at the next meeting of the Central Bank (Central Bank. - Ed.), so we raise deposit rates in advance, improving conditions for our customers", - said Deputy Chairman of VTB Board Georgy Gorshkov.

Also in the press service of Post Bank told about the increase in yield on short-term deposits up to 23.5% per annum. They specified that the rates vary depending on the savings product for a period of six to nine months.

Further changes in rates on deposits and savings accounts will depend on market conditions, said the Post Bank.

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In addition, the press service of Rosselkhozbank (RSHB) indicated that as early as December 7, the terms of deposits were changed to 24% per annum. As indicated, the maximum rate will be valid for a period of six months for customers who have not had deposits and savings accounts in the bank for the last 30 days under certain conditions. Also, the maximum yield on a three-month deposit will be 23% per annum. Interest is payable at the end of the placement period.

"Raising the rates to 24% per annum is our response to the market demand and an opportunity to make the deposit of our customers not only reliable, but also really profitable," - said Deputy Chairman of the Board of RSHB Julia Demenyuk.

In addition, the day before, December 16, the website of Bank Uralsib reported that the credit institution increased rates on some ruble deposits. Yield varies from 20.75% to 25% per annum depending on the term and conditions.

On the same day on the website of Sberbank was published a message about raising rates on savings accounts to 18% per annum for those who first open a deposit in the credit organization. It was specified that it is possible to keep the yield three months after opening under certain conditions.

At the same time in Sberbank added that premium customers, depending on the connected package of services are available from 19% to 21% per annum.

In turn, in the press service of Zenith Bank told Izvestia that the credit organization did not increase deposit rates.

"The possibility of changing rates the Bank will consider after the next meeting of the Central Bank of the Russian Federation on the key rate", - added there.

Earlier, on December 13, the former head of the Central Bank (CB) of the Russian Federation Sergey Dubinin said that the regulator may raise the key rate to 22%. He recalled that he had said many times that the increase in the key rate itself does not bring instant results in the fight against inflation.

Prior to that, on November 28, Kirill Tremasov, Advisor to the Chairman of the Bank of Russia, said that the regulator will consider the issue of raising the key rate at a meeting on December 20. At the same time, VTB Deputy Chairman of the Board Dmitry Pianov said that the bank's analysts predict an increase in the key rate to 23%.

October 25, the Central Bank Board of Directors raised the key rate to 21%. Then, on November 19, the head of the regulator Elvira Nabiullina said that if Russia does not face additional economic shocks, in 2025 the Central Bank will be able to start reducing the key rate.