Experts have predicted the growth of the savings market in Russia

According to the results of the first half of the year, the portfolio of attracted funds of individuals in the savings market in the Russian Federation may grow by 6.1%, to 61 trillion rubles. This follows from VTB's forecast, which was reviewed by Izvestia on April 24. Experts believe that the growth rate will traditionally be higher in the second half of the year, as a result of which the portfolio will exceed 69 trillion rubles at the end of the year, showing a cumulative increase of 20% over the year.

In 2024, the market growth rate was 28%, said Georgy Gorshkov, Deputy President and Chairman of the VTB Management Board.

According to him, the main factor in the growth of the market remains attraction in the national currency. According to the results of the first half of the year, the ruble savings portfolio in Russia will grow to 57.5 trillion (+7.1%), and over the year — to almost 65 trillion (+21%). In April, the total market volume of ruble-denominated liabilities may increase by 850-880 billion rubles and reach 55.5 trillion. Since the beginning of the year, the growth will amount to about 1.8 trillion rubles (+3.5%).

Dative case: the number of open deposits has increased in the Russian Federation

What is the reason for the enthusiasm of Russians?

"Despite the adjustment of deposit rates and savings accounts, Russians continue to actively save rather than spend. We have revised our forecast for market volumes up by the end of the year: now we estimate it at 69 trillion (previously we expected 68 trillion) [rubles]. Even in the case of a progressive reduction in the key rate in the second half of this year, there will be no quick return to the consumer behavior model," Gorshkov said.

He added that depositors will wait for the end of the deposit period, many of which are open for a long period. In addition, retail loan rates remain prohibitive for large purchases.

"And most importantly, double-digit deposit rates are likely to remain for a long time, right up to the turn of 2026-2027. This means that retail customers who have already learned how to plan their income taking into account interest on deposits will continue to use them to finance their activities," concluded Gorshkov.

Earlier, on April 23, Alexey Okhorzin, Deputy President and Chairman of the Board of the Post Bank, suggested that by the summer, rates on medium—term deposits in credit institutions would fall below 20% per annum. He also said that the optimal combination of term and profitability, as well as a way to protect money from inflation, are deposits for six or nine months.