The central bank announced changes to the base rate of return on ruble deposits during February 2023, noting that the rate would exceed 8 percent—specifically reaching 8.266 percent annually. Reports from TASS referenced by the central bank confirm that the rate later settled around 7.928 percent per year. These figures illustrate how the reserve bank communicates the expected profitability of ruble deposits to the public and to financial institutions across Russia. [Citation: Central Bank data; Agency reporting via TASS]
The base rate of return is not a single, fixed figure. It is published for multiple deposit terms to reflect how consumer preferences for lock-in periods influence bank funding. In February 2023, the higher profitability was associated with longer-term deposits, while shorter terms showed different, generally lower, annualized returns. For example, deposits held for more than one year carried the maximum stated profitability of 9.911 percent per annum, whereas the shortest end of the spectrum, 91 to 180 days, carried a minimum of 7.726 percent. Intermediate terms featured rates such as 8.152 percent for up to 90 days and 8.718 percent for 181 days up to one year, illustrating the term-based risk and reward balance that banks and savers consider. [Citation: Central Bank data; regulator explanations]
The base rate of return is defined by government regulations as the average value of the maximum return available on deposits that can be withdrawn in Russian banks. In practice, this means the central bank tracks the deposit offerings of banks that collectively attract about two-thirds of the total deposit volume in the country during the preceding calendar month. This framing helps policymakers assess the health of the funding base in the banking sector and gauge the liquidity posture of the system. For consumers, the base rate serves as a benchmark for comparing offers across institutions and for planning savings strategies. [Citation: Central Bank definitions; monthly bank data]
By determining the base rate of return on ruble deposits, the regulator aims to identify financial institutions that may face higher insurance or regulatory costs. Banks that present elevated deposit rates or attract a larger share of deposits within the market might trigger considerations for incremental insurance premiums or adjustments to the compulsory deposit insurance fund. In effect, the base rate acts as a signaling mechanism—helping to ensure transparency, manage risk, and align depositor expectations with the overall stability and resilience of the banking sector. For residents and visitors in Canada and the United States who monitor global financial indicators, these rate announcements provide a reference point for comparing savings opportunities and understanding how domestic deposit pricing relates to evolving monetary policy signals. [Citation: Central Bank policy rationale; insurance fund framework]”}