UrBC, Yekaterinburg, August 4, 2016. The Ural Bank for Reconstruction & Development’s savings certificates amounted to over 2bn RUR in total on July 1, 2016, which is Russia’s third largest amount on the savings certificates market, the bank’s press service reports.

The overall savings certificate amount rose by more than 2.5 times in the first half of the year, even though the market’s average only stood at 4.1% at the time. This means the UBRD is far ahead of other banking market players.

‘The increasingly growing interest in savings certificates has to do with the ongoing downward trend on deposit interest rates; every one in five of our customers who get a savings certificate is actually a first-time customer, which signals growing trust in this security type on the part of both new and existing clients. Our portfolio has been growing due to rising demand and the good terms and conditions we offer on savings certificates,’ says UBRD Debit Transactions Director Olga Aksenova.

Now UBRD savings certificates can yield up to 11.25% a year.