VTB has increased its deposit rates in yuan for all customer segments, the bank’s press service reported.
The most significant changes affected time deposits from 3 months to 1 year. Their return was adjusted at an average of 0.45-0.8%.
Against the background of the de-dollarization of the Russian economy, we see a dynamic increase in demand for deposits in Chinese currency. According to the five-month results of 2023, customers have already opened more than 11 thousand such deposits in VTB for 5.2 billion. As a result, the portfolio of deposits in yuan has grown by 41% compared to the beginning of the year,” said Natalia Tuchkova, head of the savings department.
He added that the bank has updated rates on Chinese currency instruments, making them more profitable.
“Short-term deposits are currently attracting the greatest interest, so we have made major changes to maturities from three months to one year, offering depositors one of the best returns on the market. Based on current trends, our clients’ Chinese currency fund portfolio will double to 15 billion yuan by the end of the year. We are waiting for it to arrive,” he said.
The bank noted that the VTB-deposit allows you to customize the conditions for the individual needs of the client.