If a deposit isn’t closed on schedule, a bank may extend the contract under the same terms but with an interest rate that shifts based on the key rate. Otherwise, the funds can be moved to a current account at an annual rate of 0.01%. This detail was shared with the agency by Alexey Rodin, founder of the family finance firm InvestArt Advisors. “Hit the primer.”
Rodin notes that withdrawals are allowed only the day after the contract ends. He warns that attempting to withdraw on the exact end date can be treated as an early closure, which could erase some earned interest. That outcome would reduce the total yield for the depositor.
In response, the Central Bank of Russia (CBRF) urges banks to promptly inform depositors as the end of a term approaches and to present clear extension options. If the depositor does not respond or act within a two-year window, the account may face court action to close. In such cases, the funds are redirected to a special Central Bank account and may be withdrawn from there at any time by the depositor.
The Central Bank has also thrown support behind a Finance Ministry proposal to raise the down payment requirement on privileged housing loans from 20 percent to 30 percent. If implemented, this would mark a second round of tightening since September. Earlier that year, the government increased mortgage down payments from 15 percent to 20 percent. The move raises questions about future affordability of mortgage loans for Russians and whether access to credit will tighten further. The topic has drawn attention from media outlets such as Newspapers.Ru, which raised these concerns and explored potential outcomes.
There is a sense that policy shifts are shaping the lending environment in ways that affect both savers and borrowers. Consumers should stay informed about deposit terms, extension options, and the timing of withdrawals to avoid unintended consequences. Market observers emphasize the importance of understanding how changes in rates and payment requirements interact with personal financial planning. The discussion reflects ongoing efforts by regulators to balance savings incentives with prudent lending practices.
Earlier remarks from Prime Minister Mishustin urged a balanced view, cautioning against excessive optimism in the public discourse while policy changes unfold. The evolving landscape invites careful consideration of how these measures might influence household budgets, loan accessibility, and long-term financial health for families across regions where such policies are evaluated and implemented. This broader context is relevant for residents in North America who monitor international financial developments and their potential indirect effects on global markets. Attribution: InvestArt Advisors.