Izvestia: nine large banks in Russia have raised deposit rates to 11-13%
On August 15 and 16, at least nine large Russian banks from among the top 30 raised savings deposit rates to 11-13 percent per annum. They write about it “News”.
So, in VTB, the yield on deposits from August 17 will increase to 11 percent, and from August 21 on savings accounts – up to 12 percent. The new conditions for the first product apply to all categories of customers, and for the second – only to those users who open such an account for the first time.
Gazprombank increased the profitability of current and savings accounts up to 11-12 percent, deposits for three months – up to 11.2 percent. The yield on Rosbank’s deposits has been increased to 11–12 percent, depending on the term of placement of money and the amount of the deposit. Rates on savings products increased by 1–2.2 p.p. and in the bank “Dom.RF”.
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The MCB offers a yield on deposits and at 14 per annum when opening a deposit for three or six months, but only to those who purchase this product for the first time. In other cases, under a number of conditions, they offer deposits at 11.5 percent, and savings accounts at 12.5 percent.
Earlier it was reported that Alfa-Bank and Renaissance Bank had already increased the rates (up to 10 percent on the ruble deposit online). After some time, Post Bank also plans to raise rates on short-term deposits to 12 percent per annum. Similar measures are being considered in Otkritie banks, RNKB and the Asia-Pacific Bank.
Credit institutions began to raise rates on deposits after the Central Bank, following an urgent meeting on August 15, decided to raise the key rate from 8.5 to 12 percent per annum. Analysts at Alfa-Bank suggested that the sharp increase may be due to the preparation of the federal budget for 2024. Experts expect that spending on social needs can grow significantly, and inflation indicators at the end of 2023 will be the basis for their indexation.
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