Deposit rates fell to the lowest level since mid-June 2014

The average size of the maximal interest rates on deposits in the second ten days of July dropped to 8.85% per annum, to the materials of the Central Bank. Its current level was the lowest since mid-June 2014, when the bet was estimated at 8,835% per annum.

When calculating the average rate was taken into account rates on deposits in the ten largest volume of deposits of physical persons the Russian banks, namely Sberbank, VTB24, Gazprombank, Alfa Bank, Rosselkhozbank, VTB, Raiffeisenbank, Binbank, PSB and Khanty-Mansiysk Bank “Opening”.

In mid-July 2016 the drop rates on some deposits in rubles and foreign currency was announced by Sberbank, VTB24, Gazprombank, URALSIB, home Credit Bank, Uniastrum Bank, as well as a number of smaller banks.

In late 2014, after the Central Bank raised the key rate to 17%, the largest banks actively offered to customers deposits with interest rates above 15%. The average rate then, about 10 days has risen by nearly half, and by the end of December reached the level of 15,635%. In small and medium-sized banks the rates on deposits and does not exceed 20% per annum.

After the Central Bank started to lower its key rate began to fall and Deposit rates. From June 2016 the Central Bank rate is set at 10.5% per annum. The decision about the new change to the key rate may be taken at a meeting of the Board of Directors of the Central Bank on July 29, 2016.