Banks are required to disclose the minimum guaranteed rate on deposits from October 1

Russian banks will have to indicate the minimum guaranteed rate on deposits from 1 October. Information should be placed on the first page of the deposit agreement, on websites and service points. The corresponding instruction was issued by the Central Bank (.pdf).

As follows from the document, information on the minimum guaranteed rate should be placed in a frame and typed in a well-readable font. An online deposit can only be made after the client has read this information.

“Together with a table of the main terms of the deposit, this will help consumers to correctly evaluate the marketing offers of different banks and make it easier for people to choose,” the press service of the Central Bank said in a statement. Telegram channel.

Previously, the Central Bank from October 1 obliged banks disclose the conditions of deposits in the form of a table. It will indicate the interest rate, conditions and period for calculating increased rates, the procedure for paying interest and extending the deposit, restrictions on replenishment and early withdrawal of money. The Ministry of Justice has registered a corresponding instruction.

Olesya Pavlenko