VTB has raised the yield on long term ruble deposits ahead of any decision by the Central Bank of the Russian Federation on the key rate, according to information shared with socialbites.ca by the bank’s press service. The move signals the lender’s response to market demand for longer commitments and to expectations about the trajectory of interest rates in the near term.
The two year deposit rate has been increased to as high as 20 percent per year. This enhanced offer is available to new clients and to existing customers who bring fresh funds from other banks. In addition, customers transferring funds from Otkritie Bank to VTB will also benefit from the higher rate.
For existing clients, VTB has also raised the base rate on three and six month deposits by an average of 1.9 to 2.5 percentage points. The exact rate depends on the service package chosen, placement conditions, the amount of the initial contribution, and whether the interest is capitalized or paid out monthly.
Georgy Gorshkov, Deputy Chairman and Chairman of the Board at VTB, spoke about the trend. He observed that depositors are increasingly choosing to lock funds into longer terms, even as a portion of deposits remains short term. The rationale is clear: the central bank has signaled that rates are unlikely to fall soon, encouraging savers to commit for longer periods.
Analysts had discussed the central bank outlook a day earlier. A Vedomosti poll suggested a split among experts: some expected the rate to stay at 18 percent while others anticipated an uptick. Certain forecasts pointed to a possible rise to 20 percent driven by inflationary pressures, underscoring the uncertain but upward leaning trajectory of rates in the coming months.
In related news, market watchers have cautioned that wage growth, consumer prices, and macroeconomic conditions will continue to influence rate decisions. Savers are monitoring developments closely as they weigh long term deposit strategies. Banks across the sector have been adjusting competitive offers to attract deposits from households and corporate clients alike.
For individuals exploring savings options, the current environment presents an opportunity to evaluate how varying terms and capitalization options affect overall yield. Long term deposits, in particular, can offer meaningful returns when paired with stable fiscal conditions and a favorable interest structure, while shorter products may serve liquidity needs in a changing rate landscape.