SKB-Bank says Russians make more bank deposits

6 September 2007 (13:44)

According to Rosstat (the state statistical agency), the volume of natural persons’ deposits in Russian banks has already exceeded 4.3 billion RUR. The figure went up by 39.1% between July 1, 2006 and July 1, 2007.

SKB-Bank’s Deposit Transactions Director Denis Belogurov says this impressive increase in the popularity of natural persons’ deposits largely has to do with two decisive factors: ‘Firstly, people’s incomes are growing, which means Russian citizens have more available cash that they need to invest somehow. Secondly, the banks’ potential customers are now much more aware of various financial intricacies; most of them know quite well that the money they deposit in a bank that is a member of the deposit insurance system is well protected by the government. They also understand that a bank deposit is the only way of investing money that provides you with a guaranteed income,’ he notes.

Rosstat reports most people (62.9% of deposit-makers) go for deposits that are valid for one year or longer; 19.4% of banks’ customers trust their finances to the banks for less than a year, and 16.3% of people choose to make demand deposits.

Mr. Belogurov believes the number and the volume of deposits made in Russian banks will keep growing. ‘We have the winter holiday season and all the present-buying-and-giving routine coming up; then, this country’s microeconomic development indicators and overall welfare growth create a very inductive environment for this,’ he says.

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