VTB: the share of deposits in the savings of Russians increased by a third

VTB recorded an increase in the share of term deposits in the classic savings portfolio of Russians. In November, it reached 62%, having increased by 48% since the beginning of the year. At the same time, according to VTB, the share of savings accounts decreased by 8 p.p.

The bank’s press release clarifies that the growth in the share of deposits in the portfolios of Russian banks was observed throughout the current year, however, in 2021, Russians preferred savings accounts. According to VTB, the growing interest in term products is associated not only with favorable deposit rates, but also with the return of citizens to the savings model of behavior.

“Since the beginning of October, the gap between the average market rates on deposits and savings accounts has doubled and reached the level of January – 2.1 percentage points. Until the end of the year, the popularity of term deposits among the population will continue to grow, primarily due to seasonal special offers from banks,” predicts the head Roman Glazov, Business Development and Business Support Department, VTB Savings Department.

At the same time, the bank registers an increased interest of depositors in “long” deposits, for which banks set the maximum rate. Thus, in the first half of November, every third deposit in VTB was made for a period of a year or more, while in the third quarter such deposits accounted for only a quarter of new discoveries.

Read more about why citizens are more willing to open deposits for long periods – in the material “Kommersant” “Contributions are recognized as suitable”.

Milena Kostereva