Tinkoff Bank was fined for unfair competition

On 14 March, the Federal Antimonopoly service of Russia has fined Tinkoff Bank on 300 thousand roubles and his employee of 12 thousand rubles for unfair competition on the Deposit market. This was reported on the website of the FAS.

Earlier, on October 26, 2015, the FAS recognized the unfair competition that Tinkoff Bank unilaterally lowered its interest on additional contributions to replenish the deposits.

In June 2015, the Federal Antimonopoly service reported that at the time of signing of contracts the interest rate on additional contributions ranged from 16% to 18% per annum. However, later the Bank “Tinkoff” has set a single interest rate on additional contributions at 13% per annum, which, according to FAS, has worsened the situation of the depositors of the Bank.

Then the representative of the Bank Darya Ermolina explained to Vedomosti that the Bank’s actions were justified, because the reduction of the rate of the income assessed on the amount of the Deposit, provided the terms of comprehensive banking services, which is an integral part of the contract of Deposit. In addition, a month before the actual rate cut, the Bank was notified of their intentions of customers, releasing at the end of may corresponding message, said Ermolina.

Currently “Tinkoff Bank” will appeal the decision and writ of the FAS in court. The Moscow arbitration court will hear the case April 25.