Russian banks announced an increase in deposit rates – Kommersant

Several Russian banks have announced an increase in rates on deposits and savings accounts. They made this decision after the Central Bank (CB) at an extraordinary meeting on August 15 raised the key rate immediately by 3.5 percentage points, up to 12%.

Banks that raised rates (according to “RIA News“):

• Alfa Bank (details are still unknown);
• “Renaissance Bank” from August 15 raised the rate to 10% on the ruble deposit online;
• From August 15, Dom.RF increased the rate on the designer deposit by 1-2.2 percentage points, the maximum will be 12.5% ​​(12.7% for payroll clients), on the savings account – by 2.2 percentage points up to 10% (10.2% for payroll clients).
• Gazprombank has been raising rates on deposits and savings accounts since August 16 (it is not known by how much);
• From August 17, VTB will raise the maximum deposit rate to 11%, next week it will increase the profitability of savings accounts for a number of clients;
• “Post Bank” intends in the near future to raise rates on short-term deposits to 12% per annum and offer a new savings account “with very attractive conditions.”

Banks Otkritie, RNKB (part of the VTB Group) and the Asia-Pacific Bank also spoke about plans to raise deposit rates.

The Central Bank said that it had decided to raise the rate to limit the risks to price stability. It’s like suggests regulatorenough for inflation to return to 4% in 2024 in the absence of new shocks. Against the backdrop of the decision of the Central Bank, the dollar again returned to growth, up to 99 rubles/$.

On the reaction of banks – in the material “Kommersant” “Bet placed on deposit”.

Laura Keffer