Banks began to reduce rates on deposits in rubles

the Russian banks began to reduce rates on deposits in rubles by 0.5-1%. So, Sberbank, the country’s largest, the highest rate on Deposit “Keep” is set at 3.65% and the contribution of the “Join” — 3,3%.

According to contribution “Manage” the maximum rate now is 2.95%. The Bank contribution “150 years of reliability” opens 3,1—3,7% per annum, and the contribution of “top up” under 2-2,7% per annum.

the Average maximum interest rate on ruble deposits in the 10 largest Russian banks in the first week of June for the first time decreased to 5.01%, and then fell and lower – up to the second decade of June to 4.99%, according to the monitoring data of the Central Bank of the Russian Federation.

Rate in the third decade of may was up to 5,04%, and the second is 5.4%, the first — of 5.51%. Rates on foreign currency deposits from 2019 remain at a low level.

Rates on deposits and loans reduced or are growing after the decision of CBR to lower or raise the key rate. Recently, the Central Bank has committed to lower rates and thus lower rates on deposits and loans. CBR 24 April 2020 cut the key rate by 0.5 percentage points to 5.5% per annum, and June 19 – for the first time to 4.5%.

the savings Bank had previously forecast a decline in Central Bank’s key rate to 4% by the end of September. Investment Bank Goldman Sachs expects a decline in Bank of Russia key rate to 3.5% by year-end.