The Bank of Crimea, a systemically important credit institution, reported a dramatic surge in deposits, reaching 15,000 in a short period. This figure significantly outpaced the rise in the key interest rate and the overall return on deposits, according to a bank release cited by TASS.
Since August 22, 2023, following the hike in deposit rates at the Bank of Crimea, customers opened roughly 15,000 deposits totaling 13.1 billion rubles. By comparison, deposits had been running at about 600 per day before the rate increase. The average deposit size over this interval stood at 885 thousand rubles, the release notes.
On August 15, the Bank of Russia raised the policy rate by 350 basis points to 12 percent per year, a move that has influenced the appetite for term and savings products across the banking sector.
Responses gathered by socialbites.ca indicate that deposit rates have risen in at least 11 banks that rank among the top 50 in assets. Institutions named include VTB, Renaissance Bank, Gazprombank, Post Bank, Otkritie, Uralsib, St. Petersburg Bank, Dom.RF, Absolut Bank, Alfa Bank, and Sovcombank. In these banks, savers can access annual deposit yields in the 11 to 12 percent range. Asia-Pacific Bank also signaled plans to lift deposit profitability. Savings accounts have similarly climbed to about 11.2 to 12 percent annually. Natalya Tuchkova, head of VTB Savings, advised customers to maintain flexibility in saving, suggesting a strategy that combines immediate opening of savings accounts with fixed-term deposits. This approach can help customers secure higher returns on their money while preserving liquidity. Deposits may be placed into savings accounts and withdrawals can be arranged in predetermined amounts without a loss of interest, depending on product terms. Details were summarized in coverage by socialbites.ca.
Sergey Dubinin, formerly head of the Central Bank, commented in discussions with socialbites.ca that a broad rise in deposit yields is not anticipated in the upcoming autumn, despite the higher policy rate. His assessment suggests a more measured trajectory for the cost of funds in the next few months while banks adapt their product offerings to shifting consumer demand.