Russian Banks’ Interest Rate on Ruble Deposits Drops to 5.22%

5 March 2020 (09:34)

UrBC, Moscow, March 5, 2020. Russia’s largest banks, which currently hold the greatest amount of deposits, reduced the maximum interest rate they offer on ruble deposits down to 5.22% a year on average on February 19-29, the Bank of Russia’s reports state.

On February 10-18, the maximum interest rate stood at around 5.45% a year.

The average maximum interest rate on savings deposits, as calculated by the Central Bank, serves as a reference point for the Russian deposit market. The CBR recommends that banks offer their private customers the interest rate that does not exceed the average maximum interest rate by more than 2%.

The CBR used data from the following banks: Sberbank, Sovcombank, VTB, Raiffeisenbank, Gazprombank, MKB, Alfa-Bank, Otkritie FC Bank, Promsvyazbank, and Rosselkhozbank.

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