Banks continue to cut rates on deposits

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Since mid-February, in nine credit institutions, profitability on deposits fell in the range from 0.1 to 1.4%, it follows from the analysis of the financial marketplace, which Izvestia got acquainted with. At the same time, five banks went to increase the rates on deposits in the range from 0.1 to 2%.

Most of all in the period under review, the rates on deposits fell for some products of Home Credit Bank, namely by 0.6-1.4%. Whereas in KS Bank, Ziraat Bank Moscow, Bank BZHF, BystroBank, KB Solidarity and Sauber Bank, a decrease was recorded in the range from 0.1% to 0.3%. OTP Bank and Credit Europe Bank have revised the yield on dollar deposits, reducing by another 0.05-0.2%.

Among those who raised interest on deposits was also Home Credit, which raised the interest rate on deposits in the line by 1.2-2%, which is more than its competitors. The situation is similar with the Credit Europe Bank, which added 0.5-1.5%. The growth of rates in UniCredit Bank amounted to 0.2-1%, and in “Kuban Credit” and “Rosdorbank” – in the range from 0.1 to 0.3%.

Credit organizations are ready to provide a higher rate to clients who open accounts for large amounts and for a long time, is given in the data of Now the average size of return on deposits according to the calculations of the markerplace is 4.5%.

According to the Central Bank, by early February, the maximum rate for the 10 largest banks that attract the largest volume of deposits was 4.46% per annum (in the same period of 2020 – 5.49%).

The surveyed analysts believe that clients will see a more noticeable increase in deposit rates by the fall, but one should not wait for pre-crisis profitability indicators.

Read more in the exclusive material from Izvestia:

Sent to a cliff: rates on deposits in a number of banks fell in February