Overview of the Average Maximum Deposit Rate Among Russia’s Top Deposit-Getting Banks
In December 2022, data from the Central Bank showed that the average maximum annual deposit rate among the ten banks drawing the largest household deposits stood at 8.192 percent. This figure rose to the mid-year peak and surpassed the policy rate of 7.5 percent per annum, underscoring how consumer savings interact with central bank policy during periods of tighter liquidity.
Compared with the first ten days of the month, the rate moved up by 0.8 percentage points, marking its highest level since the early June figures. At that time, the rate reached 9.09 percent, while the lowest observed value in the data series was 4.33 percent, recorded during the first decade of October 2020 as reported by the regulator.
During 2022, the average maximum rate for these top ten deposit-raising banks progressed in steps through the year, with another local high noted in the third decade of September at 6.541 percent. This fluctuation illustrates how banks balance household funding needs with evolving regulatory guidance and market conditions.
The average maximum deposit rate among the leading banks serves as a key reference point for the banking market. When determining consumer deposit terms, Russian institutions generally orient their pricing around this benchmark, with the central bank recommending that banks aim to grow household funds by an amount not exceeding the value of this ratio plus two percentage points. This approach helps maintain stability while allowing room for prudent competition among lenders.
The Central Bank’s monitoring list covers several major players in the Russian market, including Sberbank, VTB, Gazprombank, Alfa-Bank, Rosselkhozbank, FC Otkritie Bank, Raiffeisenbank, Tinkoff Bank, Promsvyazbank, and Sovcombank. These institutions collectively shape the trends in consumer deposits and influence the broader savings environment across the financial system.