Russian investors are projected to earn between 3.8 and 4 trillion rubles in interest on bank deposits, Izvestia reports. When funds placed in savings accounts are included, total income for residents could reach around 6 trillion rubles, a figure that would double the level recorded in 2023. The rise stems from money that remained with banks as the economy recovered from the pandemic, with both household savings and corporate deposits expanding through 2024. Analysts point to a broader liquidity rebound and a stronger push by lenders to offer competitive yields, especially on shorter-term products that provide quicker access to funds.
By late 2024, Alfa-Bank economist Natalia Orlova estimated that citizens would hold about 3.8 trillion rubles in deposits. Sergei Grishunin, general director of the NRA rating service, put the sum at 3.85 trillion rubles. Ivan Uklein, senior director of bank ratings at Expert RA, indicated that residents could see total deposits reach up to 4 trillion rubles. These forecasts reflect a shared sense of momentum among major rating and research firms, aligned with a shift toward higher rates on a broad mix of accounts and with investors favoring deposits that are easy to open and manage.
Data show that money taken out during the pandemic has flowed back into banks. The amount held by organizations grew by almost 15 percent, with yearly increases exceeding 27 percent. At the same time, deposit yields rose, climbing from 14.8 percent to near 20 percent over the year. Such dynamics point to a competitive landscape among banks, where households and corporate clients seek yield in a climate of rising prices and changing policy signals.
Taken together, the forecasts suggest that by the end of 2024 Russian residents will hold deposits totaling around 3.8 trillion rubles, while the broader base including savings accounts would be near 6 trillion. The spread of estimates from 3.8 to 4 trillion underscores uncertainty about rate paths and macro conditions, but the underlying trend remains positive: more money sits in banks and yields have jumped as banks compete for liquidity. In this setting, many savers are drawn to short-term deposits that offer flexibility amid rate fluctuations.
Observers advise savers to compare terms and balance liquidity with earning opportunities as rates fluctuate in a dynamic Russian deposit market.