Deposit Insurance Agency: Interest rates on deposits keep going down

August 16, 2013. In the first half of 2013, over 50% of local banks (62 out of 100) reduced the interest rates they offer on deposits. 17 banks, however, increased their rates, and 21 banks left their offers the same. As it happens, the decrease in the deposit rates offered mainly took place in the second quarter of the year, Deposit Insurance Agency State Corporation's review states.

The interest rates on deposits under 700,000 RUR dropped by 0.6% on average and came to 7.9% a year as of July 1, 2013. The interest rates on deposits over 700,000 RUR declined by 0.4% on average and amounted to 9.6% a year.

In fact, the Deposit Insurance Agency's analysts forecast the deposit rates will keep going gradually down in the nearest future.

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