The expert explained the reasons for raising rates on accumulative deposits

A number of Russian banks have raised rates on savings accounts and deposits, despite the reduction in the key rate at the last meeting of the Bank of Russia in October. Sergey Zhilev, an analyst at IC VELES Capital, spoke about the reasons on November 23.

"By the end of the year, banks start competing for customers' money and want to prevent the outflow of short-term funds. This is standard practice, so different banks are starting to improve deposit conditions throughout the fourth quarter," the analyst said in an interview with Rossiyskaya Gazeta.

In his opinion, another reason for the increase in rates may be the desire of management to show good annual reports on the volume of funds raised.

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