Russia's largest banks cut interest rates on deposits

According to the results of the first ten-day period of February 2025, the deposit rates were reduced by 14 banks in terms of the volume of deposits of individuals. This was reported to "Izvestia" on February 12 in the press service of the marketplace "Finuservices".

February's decrease affected mainly deposits with terms of three and six months. However, the decrease itself was not significant: the rates decreased by 0.08-3 p.p. in total.

"In the week from February 3 to February 10, 2025 deposit rates were lowered by six banks, of which five lowered them on terms of three and six months, two banks - on annual deposits," - said the press service.

In addition, following the results of a long decline, the average rates on annual deposits increased the lag behind the key rate (-0.38 p.p.) - to 20.62%, the average rates on semi-annual deposits are 0.4 p.p. above the key rate (21.42%), the average rates on three-month deposits are 21.09%.

Among the surveyed terms (these are the most popular 3-12 months), the leaders in terms of profitability remain semi-annual deposits, holding the primacy continuously since the beginning of June 2024.

According to "Izvestia", over the past week "VTB" reduced rates by 1.3% on the term - three months, by 1% on the term - six months and by 1.4% on the term - a year. "Alpha Bank" reduced rates by 1% for a term of three months and 0.3% for a term of six months, and "Post Bank" reduced rates by 1% for a term of three months and 0.5% for a term of six months.

Deposit of distrust: experts assessed the possibility of freezing the deposits of Russians

Why the blocking of assets is disadvantageous for the authorities, but in the public field the issue has been revisited several months in a row

Earlier, January 13, former Deputy Minister of Economy, Doctor of Economic Sciences Alexei Vedev explained the reasons for the reduction of deposit rates by banks. According to him, on average, deposits have become less favorable by 0.5% due to the fact that the Central Bank (CB) left the key rate unchanged before the New Year. Therefore, the banks' expectations about the appreciation of money did not come true.

The Bank of Russia kept the key rate at 21% per annum in December 2024. The next rate meeting is scheduled for February 14. Most experts polled by Izvestia believe that the Central Bank will keep the rate at the same level.