From 10 October to 10 November, the average rate on deposits in Russian banks fell again, according to RBC. The yield of deposits fell over the period in seven of the 15 banks included in the traditional pool used day of monitoring (including, in particular, includes Sberbank, VTB24, Bank of Moscow””, “Raiffeisenbank”, “Gazprombank”, “Bank”, “Alfa-Bank”, “FC Opening”, Promsvyazbank and Rosselkhozbank).
The average rate on annual deposits fell by 0.12 percentage points (PP) to 7.86% per annum. The biggest drop has touched three-year deposits, the average interest rate which decreased by 0.23 percentage points to 6.84% APR.
Only two banks – “Bank of Moscow” and “PSB” – increased rates on individual deposits. Chief analyst “Promsvyazbank” Dmitry Monastyrshin the growth rates in individual banks as a temporary phenomenon, is due to their desire to keep clients ‘ funds in expiring annual contracts, which opened at the end of 2015 at a higher rate than we do now.
The best offers on annual deposits can be obtained in the ICD and “Binbank”, placing funds at 9.25 and 9.2% per annum respectively. The highest rate on three-year deposits offered in “Rosselkhozbank” on Deposit “Classic” (8.3% per annum).
The reduction of interest rates both on loans and on deposits – the General trend of recent months in the banking sector of Russia, especially in view of surplus liquidity. Soon banks, according to experts, will also give up the additional functions of the Deposit (capitalization of interest, replenishment or early withdrawal without losing interest).
The last three months rate on deposits in rubles declined at a slower pace than in the summer, the Agency said. However, analysts are confident that the process will continue in the future in connection with the deceleration of inflation and a low need of banks to attract resources.
However, Bank deposits remain a good way to save money, since the largest Russian banks, you can find rates higher than the rate of inflation.
Analysts, however, suggest to wait a little with opening of the contribution, Recalling that, at the end of each year, many banks traditionally make a special Christmas offer on deposits with a higher rate. Rate on such deposits may be above normal by 0.5 percentage points