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Average maximal interest rate on ruble deposits growing to 14.86% in mid-February

The rate was at the level of 14.83% in early February 2024

MOSCOW, February 22. /TASS/. The average maximal interest rate for ruble deposits with the ten Russian credit institutions having the maximal amount of private deposits gained 0.03 percentage point and was equal to 14.86% in the second ten-day period of February 2024, the Central Bank of Russia said.

The rate was at the level of 14.83% in early February 2024.

Deposit interest rates are monitored by the regulator in Sberbank, Sovcombank, VTB, Gazprombank, Credit Bank of Moscow, Alfa-Bank, Bank FC Otkritie, Promsvyazbank, Tinkoff Bank, and the Russian Agricultural Bank.

The regulator said earlier that it would keep an eye on cases when the bank’s interest rate for ruble deposits is more than 2 percentage points higher than the average one for ten monitored banks. The decision taken by the Central Bank is aimed at reducing the interest risk for banks arising when attracting retail deposits at rates above the market ones and contributes to financial stability of credit institutions, the regulator said.