Between January and June 2023, the amount of money deposited by Russians in deposits, current and savings accounts in the country’s banks increased by 13%, reaching 41.4 million rubles. This was stated in a study by VTB Bank, taken by the editors of socialbites.ca.
Deposit volume increased by 20% due to the increasing rates on ruble deposits. The increase in household money in ruble current accounts was around 5 percent.
Since the beginning of the year, the volume of funds withdrawn from Russians to VTB has increased by 15 percent and exceeded 6 trillion rubles.
“The change in interest rate has had a significant impact on the retail market and changed customer behavior from loans to savings. Previously, we expected that the market would reach 40 trillion rubles only by the end of the year, but now it is approaching 41.5 trillion, and this is not the limit of this year. We expect a new strong increase in interest in savings products throughout the rest of the year, especially considering the interest rate hikes of major banks at the beginning of November. Rates reach 15%,” noted Natalya Tuchkova, head of the VTB Savings department.
Previously, VTB had increased rates on all deposit and savings accounts. On average, the increase was 2.5 percent. Deposit rates are up to 15% per annum, depending on their maturity and type, and the maximum return for clients when transferring the pension to VTB will be 16% per annum. You can also earn up to 15% from your savings account.
On October 27, the Central Bank of the Russian Federation increased the key interest rate by 200 basis points to 15% annually. As a rule, Russian banks rely on the decisions of the regulator when determining the level of interest rates on deposits and loans. Candidate of Economic Sciences, BCS World of Investments stock market expert Mikhail Zeltser explained that when the key rate increases, for example, by 1 percentage point, credit institutions also increase deposit and loan rates by approximately 1 percentage point.
What can Russians expect from a new interest rate hike? material “Newspapers.Ru”.
Russians before promise New Year’s offers on deposits.