Rates went down – Kommersant FM

Large banks have begun to reduce rates on deposits and savings accounts, such data was presented by the financial platform of the Moscow Exchange “Finanuslugi” and the marketplace “Sravni.ru”. Over the past two weeks, at least four credit organizations have done this – MKB, Home Bank, Rosbank and Renaissance, Izvestia writes. The rate on deposits for a period of three to six months decreased by an average of 0.5%. In the line of long-term products – by 0.1-0.2%.

Many credit institutions no longer feel an urgent need to attract clients through profitability, believes Yuri Gribanov, CEO of Frank RG: “The reduction in deposit rates is a consequence of the balance of demand and supply of money within a particular organization. Deposit, in essence, is a market with close to perfect competition. Here the balance of supply and demand is adjusted by the rate with a very good level of correlation. If the bank needs more funds from legal entities or individuals, then it increases the rate and advertises it.

In the case when less money is needed, this rate is reduced, thereby the credit institution reduces its competitive offer compared to the offers of other banks, and clients gradually transfer money from this bank to a bank with a higher rate.

The decline by some major players suggests that they need less external money. Why? The fact is that last year passed under the banner of a cooling of the retail lending market. The Central Bank introduced a number of measures, the consequence of which was that already at the end of 2023 the volume of loans issued decreased.

It is expected that this year there will be a cooling of the cash loan market and the mortgage market. And these are the largest retail credit markets, so banks will need less money to issue these loans.

In fact, the demand for deposits from retail clients will begin to decline this year. And what classifiers and financial aggregators have noticed are the first signs, signs that banks do not need such a volume of attracted funds and are ready to reduce the rate, which will lead to a slight decrease in the amount of these deposits.”

It is very likely that the decrease in the attractiveness of bank deposits will lead to a new influx of private investors into the stock market, said Sergei Suverov, an investment strategist at the management company Ari-Capital: “High rates on both deposits and bonds do not contribute to the growth of the Russian stock market. Some investors, even quite experienced ones, preferred not to take unnecessary risks and withdrew funds from the stock market into deposits and bonds.

But as deposit rates decline, I think stock investors will return to the stock market and increase positions in the most promising securities.

The fact is that the yield on deposits and bonds, including the OFZ yield, is usually compared with the dividend yield of the stock market. If the profitability of the former decreases, then the dividend yield of the Russian stock market will become more attractive, and this will be an incentive for investors to increase their investments in it.”

According to Financial Services, by the end of February the average return on deposits for three months was 14.7%. Deposits for six months – 14.4% per annum. The maximum rates of the top 50 banks for three-month deposits were 17.8%, for six months – 16%, for a year or more – 15.5%.

---

Everything is clear with us – Telegram channel “Kommersant FM”.

Andrey Zagorsky