Insurance for long-term deposits is being improved – Kommersant FM
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The Central Bank is ready to double the amount of insurance for long-term deposits; we are talking about deposits for a period of three to five years. Currently, clients can reimburse a maximum of RUB 1.4 million. The regulator plans to raise the bar to almost 3 million rubles. As Deputy Chairman of the Central Bank Olga Polyakova stated in an interview with Interfax, this issue is currently being studied. She also emphasized that this will increase the popularity of deposits and, as a result, will help banks attract long-term money for lending to the economy.
Is this a realistic goal? And won’t the cost of services for clients increase? Economic expert Semyon Novoprudsky answered these questions to Kommersant FM: “This all organically fits into the general logic of the state’s attempts to convince people to attract funds to the Russian economy. According to statistics, we see that citizens accumulate savings and do not keep them in banks. In addition, retirement savings programs, that is, long-term savings, are also, to put it mildly, not yet popular for obvious reasons.
If this is implemented, it will be rather good for banks, because they are interested in loyal customers. For citizens, this is an additional incentive to open long-term deposits.
At the same time, the degree of economic and personal financial uncertainty is still quite high, so it is unlikely that such a measure can quickly change people’s attitudes towards long-term banking products. Nowadays, the most popular of them are deposits for six months. True, there are more annual deposits, but Russians are not ready to invest money for a longer period.”
At the same time, an increase in the insured amount for long-term deposits may well lead to an increase in their share in the total mass of bank deposits, noted Pavel Samiev, general director of the analytical agency Business-Drom: “The option of differentiating the amount depending on the terms of deposits, in particular, really has logic to encourage depositors to hold longer deposits.
Rates, of course, are the determining element that really attracts customers. But a higher sum insured can also play a role.
In this regard, such an element of flexible management of the maturity of liabilities, of course, would be useful. Still, the average term of deposits, especially for individuals, is an important factor in terms of the ability to lend, including to the real sector. Therefore, I think that this can still work and become a motivating factor. In general, the structure may shift a little because of this, and long deposits will receive a certain boost.
If the corresponding decision is made quickly enough, then the reaction of the population will be quite fast. If such an initiative is introduced, which gives an advantage to long-term deposits, I think that even within a quarter the structure of deposits may change under the influence of such a motive.”
The Bank of Russia is also ready to discuss increasing the amount of compensation for escrow accounts by doubling: from 10 million rubles. up to 20 million rubles According to Deputy Chairman of the Central Bank Olga Polyakova, real estate has become more expensive, price increases may continue, and the current amount of insurance does not cover this amount.
Everything is clear with us – Telegram channel “Kommersant FM”.
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