⚡️Russia 🇷🇺: before the March Central Bank meeting, 18 of the top 20 banks lowered deposit rates

⚡️Russia 🇷🇺: before the March Central Bank meeting, 18 of the top 20 banks lowered deposit rates

Despite the possibility of keeping the key rate at 21%, banks believe the period of high deposit profitability is over and have decided to reduce rates further.

➡️ Among the banks implementing these adjustments are Sber, VTB, Gazprombank, Alfa-Bank, and T-Bank, among others.

➡️ Between February 14 and March 17, 2025, deposit rates declined as follows:

⚫️Three-month terms: Down 0.82 percentage points to 20.29%
⚫️Six-month terms: Down 1.15 percentage points to 20.26%
⚫️One-year terms: The largest drop, over 1.4 percentage points, bringing rates down to 19.25%

➡️ The highest average return for depositors in major banks, as of March 17, is 21.43% annually for 3-month deposits, 21% for 6-month deposits, and 20.03% for 12-month deposits.

➡️ PSB currently offers the highest rates, with a 30% return on its "Popular Deposit" product, aimed at new customers with a term of 3 months to one year for amounts below 50,000 rubles.

➡️ Meanwhile, mortgage rates have begun to decrease, although gradually.

➡️ In contrast, cash loan rates continue to rise, but they are expected to start declining soon. Sber has already initiated this process.

➡️ Analysts note that customers are maintaining a savings-focused strategy, while credit rates remain high. A slight reduction in rates is not expected to trigger a large-scale withdrawal of funds from the banking system.

👉 The downward trend in banking product rates is likely to continue due to the normalization of funding costs, although at a moderate pace. The Central Bank is expected to begin easing its policy by mid-year.

#news #Russia

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