Banks began to react to the decision of the Central Bank to raise the key rate

The largest banks promptly reacted to the increase in the key rate of the Central Bank: some of them have already increased the maximum profitability of retail deposits to 12%. But most of the players still took a wait-and-see attitude. According to experts, the correction will primarily affect short-term deposits.

Almost immediately after the Central Bank raised the key rate from 8.5% to 12%, banks began to adjust their products. A number of banks from among the top 10 in terms of household funds immediately announced an increase in deposit rates. So did VTBthe bank promised to increase the maximum yield on savings products for individuals – accounts and deposits up to 12%, but only for certain categories of new customers, for the rest it will be 11%. “Opening” And RNKB (part of the VTB Group) also plan to increase the yield on their savings products early next week.

Rosselkhozbank increased the yield on deposits with the most demanded term and savings accounts opened in rubles – it will be increased by several percentage points and will reach 12% per annum. Alfa Bank promised to raise interest rates on deposits soon, without specifying the level. Rosbank will raise rates from Wednesday, as a result, the maximum yield on deposits for the first three months will basically increase to 12% per annum. Post-Bank will raise rates on deposits for a period of three and six months to 12%, they said.

At the same time, Sberbank, Gazprombank, Raiffeisenbank, Promsvyazbank, Sovcombank, which are in the top 10 in terms of household deposits, did not respond to a request.

According to the latest monitoring data of the Central Bank, the average maximum rate of the ten leaders in the retail deposit market in the third decade of July was 8.11%. At the same time, it increased by 0.28 percentage points over the indicated decade.

Thus, citizens have the opportunity to profitably allocate funds, at least for a short time.

According to Deputy Chairman of the Board of Post-Bank Alexei Okhorzin, we can expect that in the short term this will have the greatest impact on deposits for three to six months, the rates for which may rise to 10-12% per annum.

“The Central Bank will make further decisions on the key rate based on the extent to which the actual and expected inflation dynamics relative to the target, the process of economic restructuring, as well as risks from internal and external conditions and the reaction of financial markets to them will be able to further increase the risk of deviation inflation upwards from the target near 4% in 2024,” the regulator explained.

“Banks will now revise deposit rates upwards with approximately the same step as the key rate. The regulator made it clear that it is tightening the monetary policy for long-term inflation targeting, a significant increase in rates will occur not only for short deposits, but also for at least medium-term deposits – issued for a period of six months to a year, ”says the managing director for validation of the Expert rating agency RA” Yuri Belikov. At the same time, for long-term deposits, the term of which is more than a year, the increase in rates, of course, will be less significant, but it will still happen, Mr. Belikov believes.

However, not all banks will be in a hurry due to the absence of a liquidity shortage in the banking sector, Irina Nosova, senior director of the financial institutions rating group at ACRA, is sure.

Banks will try not to fix the high cost of funding in the long term, she said.

“Most likely, the current increase in the rate was made with a margin, so banks, when making decisions on adjusting their credit policies, may proceed from the possibility of some reduction in the key rate at a meeting in September,” notes Mikhail Doronkin, managing director of the NKR rating agency. some tough statements about a further increase. As for credit products, the situation is more complicated here, since a significant part of them is issued for a period of a year or more.” Banks, the expert adds, may raise rates, but in a smaller amount than the key increase, so as not to collapse demand.

Ksenia Dementieva