UBRD: Private Individuals’ Deposits Up 3%

25 July 2017 (13:04)

UrBC, Yekaterinburg, July 25, 2017. The Ural Bank for Reconstruction & Development’s private individuals’ deposit book increased by 3% in the first half of 2017 and thus amounted to 157bn RUR on July 1, the bank’s press service reports.

The national private deposits market rose by 2.9% on the whole. According to the bank’s Debit Transactions Director Olga Aksenova, the banking market’s deposit volumes are growing more slowly this year than last year, since the interest rates the banks offer have gone down and so have people’s disposable incomes.

‘This is the third year in a row that people’s incomes have been shrinking. This resulted in the share of our deposits under 700,000 RUR big dropping from 70% to 67% of the entire amount. The interest rates have been declining throughout the entire banking market as well: the country’s top ten banks are now offering 7.36% a year on average, which is 1% less than at the start of the year. Still, despite the drop in the interest rates, deposits are still seen as the easiest-to-manage and the most reliable way of saving money - this is true for the more conservative customers, at least. The interest rates can still offset the inflation, which means our customers have their savings well protected,’ Aksenova said.

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