Sberbank is raising deposit rates in yuan, effective from March 6, with the decision announced by Kirill Tsarev, the First Deputy Chairman of the Bank’s Board of Directors. The move reflects ongoing adjustments to savings products in foreign currency and aligns with broader strategies to offer competitive yields to clients who diversify their currency exposure. The actual interest rate increase is tied to the deposit term, and customers can expect rises of up to one percentage point compared with prior offerings.
When interest is capitalized, the maximum possible annual return on yuan deposits can reach 4.07 percent. This top yield applies to a deposit of 1 million yuan held for one year, with interest accruing monthly so that savers see compounding benefits over the term. The bank notes that longer commitments generally yield higher returns, and the new schedule provides attractive options for those looking to optimize returns on yuan assets. A comparison with earlier terms shows that the prior peak for a three-year deposit stood at 3.52 percent per annum, illustrating how the bank is adjusting its pricing to reflect current market conditions and currency demand.
Deal terms allow deposits from one month up to three years, with a minimum opening amount of 10,000 yuan. The conversion from inquiry to action is streamlined through the bank’s application or any of its branches, offering convenient access for customers who prefer in-branch service or digital onboarding. In addition, field staff are available to assist clients who want to update or download the Sberbank Online app on Android and iOS devices, ensuring users can manage deposits, track accruals, and adjust term selections remotely. This support is part of Sberbank’s ongoing effort to enhance digital banking adoption and improve the customer experience across channels.
Industry observers note that the yuan deposit program fits into a wider trend toward making long-term currency placements more appealing for savers, both domestically and for customers with international financial interests. The bank emphasizes that customers should assess their liquidity needs and risk tolerance when selecting term lengths, and consider how monthly accruals and capitalization impact effective yields over the chosen period. As the product evolves, clients can expect ongoing communications from Sberbank about promotional terms, renewal options, and any adjustments to rates in response to market movements.