Across Russia, more than a dozen of the country’s largest banks have increased the usual yield on deposits. Banks such as VTB, Renaissance Bank, Gazprombank, Post Bank, Otkritie, Uralsib, St. Petersburg Bank, Dom.RF Bank, Absolut-Bank, Alfa-Bank and Sovcombank have announced higher rates. Deposits yielding around 11-12% per year are now available in several of these institutions. Beginning August 18, the Ural Bank for Reconstruction and Development raised savings account rates to as much as 12%. Other banks from the top 50 by assets have also signaled firmer profit prospects for savers, with RNKB and Asia-Pacific Bank among those planning higher returns.
Sberbank noted that its rate hike aligns with the central bank’s decision to lift the key rate to 12% and the possibility of further increases ahead.
Where and how much will deposit rates climb?
The top rate in Sberbank is capped at 12%, offered to clients who open three-year deposits under the Best % line. Other product lines will range from 8.31% to 11.26%. This information comes from the bank’s official online notice.
Where and how much will deposit rates rise in other banks?
In the major banks outside Sberbank, the 50-largest by assets have shared details with socialbites.ca about new deposit terms. In VTB, yields on deposits will rise to 11% starting August 17, with savings accounts increasing to 12% from August 21. These new rates apply to all customer categories and savings accounts opened for the first time.
Gazprombank bumped current and savings account yields to 11-12%, with quarterly deposits at about 11.2%. Rosbank lifted yields to 11-12% depending on deposit term and amount. At Dom.RF Bank, savings product yields rose by 1–2 percentage points, with the top rate reaching 12.5% per year for payroll clients. MKB offered seasoned investors 14% annually on three- or six-month deposits, while other deposits sat around 11.5% and savings accounts at 12.5% under certain conditions. Alfa-Bank advertised 12% per year for three years and 11% for shorter three- and six-month terms for all customers. Post Bank increased short-term deposit rates by 2–4 percentage points, with a maximum of 12% and a forthcoming savings product with favorable terms. Uralsib Bank announced a cap near 11.95% with capitalization. Bank Saint Petersburg posted a maximum of 11% for private pension deposits tied to pension transfers, and 10.5% as the top rate on the main product line. Rönesans Bank raised ruble deposit rates to 10% for internet or mobile banking customers. Absolut-Bank nudged deposit rates higher this week, with changes effective around August 18, including increases to 11% on short-term maturities and 10% on savings accounts.
The Ural Bank for Reconstruction and Development has been gradually lifting rates across its savings products since August 18, with increases between 1 and 2 percentage points and a maximum of 12% per year. From August 18, Sovcombank expanded the ruble deposit rates across the board, with a new ceiling of 11% per year for a three-year term. From August 21, Otkritie Bank began lifting rates on ruble deposits for individuals for quarterly and semi-annual terms, and from September 1, the savings account rate rose. The total increase on new and existing deposits ranged from 1.5 to 2 percentage points, reaching an 11% cap. RNKB and Asia-Pacific Bank also announced higher profitability for deposits.
Natalia Tuchkova, head of VTB Savings, commented that the central bank’s decision will improve conditions for savings products. The adjustment in service capacity on these products is expected to run at roughly 70–80% of the rate increase itself. There is a belief that banks will offer the most favorable terms for longer deposits. In the short term, deposits of three to six months are likely to see the sharpest gains, with annual returns around 10–12%. For longer-term deposits, changes are expected to be modest through the end of September, as many banks have already adjusted their rates. The perspective was echoed by industry observers.
The market’s overall outlook from the credit market advisory group Compare suggests that rate increases are not finished. Banks may still adjust terms in the coming days as the central bank decision continues to ripple through the market.
When can deposits be opened?
Finance instructors emphasize starting with deposits already held rather than chasing the newest offers. If a current deposit already earns above inflation, it can be wise to keep it rather than close it early to switch to a higher rate, as early termination can trigger a small penalty. Some analysts caution that a key rate rise may not happen again soon, and universal savings strategies should consider liquidity needs. The prevailing advice is to keep an eye on ongoing rate changes while prioritizing deposits with flexible access and the potential to switch if rates rise further.
Experts note that customers can still seek out opportunities to grow passive income now. Short-term deposits offer the most flexibility, enabling a quick shift if rates improve. If rates move higher, many banks allow extending or reopening deposits under new conditions. Some analysts suggest focusing on a mix: a savings account for liquidity combined with time deposits to capture higher yields. Those who prefer longer horizons might also consider federal loan bonds with around an 11% rate, offering easier liquidity in the event of a need for cash while preserving potential gains beyond a straightforward deposit.
As the central bank’s policy and market conditions evolve, savers are urged to review their portfolios and adapt to the changing landscape. The goal is to balance the safety of funds with the opportunity to earn competitive returns while staying flexible in case rates shift again.