Sber increased the minimum rate for basic mortgage programs to 15.6%

Starting today, November 3, Sber is increasing the minimum rate for basic mortgage programs by 1.4 percentage points, to 15.6%, due to the decision of the Bank of Russia to increase the key rate to 15%, reports TASS with reference to the press service of the credit institution. It is reported that for state programs the minimum rates will remain at the same levels.

“The minimum rate under programs for the purchase of finished and under construction housing will be 15.6% per annum. Sber adjusted rates by 1.4 percentage points, while the key rate increased by 2 percentage points…Clients who submitted an application and received the bank’s decision before November 2 inclusive have 90 days to apply mortgage on favorable terms,” the press service said.

November 1 VTB reportedwhich from November 2 will increase deposit rates by an average of 2.5 percentage points. The maximum return on them will be 15% depending on the term and type of deposit, and when transferring a pension to the bank it will be 16% per annum.

Bank of Russia raised key rate up to 15% on October 27. After this, Sberbank increased rates on a number of deposits, the maximum being 14% per annum. Alfa Bank increases maximum deposit rates to 15%. Gazprombank announced that it is increasing the rate on the savings account – 15% per annum, on deposits the maximum rate will be 14%. However, the average yield on deposits of banks from the top 50 remains slightly above 11.2%.

Read more in the Kommersant article. “Banks are holding deposits”.

Erdni Kagaltynov