The majority of new bank deposits in the Russian Federation (65%) are opened for a period of six months to a year, which shows that Russians are ready to invest money “for the long term”, VTB Vice President and Chairman of the Board of Directors Georgy Gorshkov told reporters at the Eastern Economic Forum.
According to VTB, the share of medium-term bank deposits from 6 months to 1 year will replace the share of short-term deposits from 3 to 6 months.
“The regulator gave a clear signal that the current economic situation and inflation rate do not allow to reduce the interest rate at least until the end of this year. In this regard, banks began to shift the maximum deposit interest rates from short-term to medium-term,” explained Georgy Gorshkov.
He explained that this figure has already increased by 13% since the beginning of the year.
“At VTB it is even higher: 70%. The share of short-term deposits in our portfolio is only 13%,” Gorshkov said.
According to him, the number of customers who constantly transfer funds from one bank to another, deposit money for a short time and get the maximum benefit is also decreasing in the first half of the year.
“Now the market has already reached a state of equilibrium and the need for such sharp moves has disappeared,” the VTB chief executive added.
Gorshkov recalled that in 2023 the market is focused on a withdrawal period of 6 months to a year, but its share is only 40%. In 2022, the share of short-term deposits from 3 to 6 months increased rapidly.
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Source: Gazeta
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