Credit institutions should avoid using visual techniques and automatic markings on consumers’ behalf when displaying deposit data in remote channels. This recommendation comes from an information letter issued by the Bank of Russia and the Federal Antimonopoly Service of the Russian Federation (FAS Russia).
The Bank of Russia and FAS Russia have expressed concerns that using graphic techniques to highlight figures such as returns and effective interest rates could mislead consumers regarding the terms and conditions of deposits.
Furthermore, if a bank chooses to display the maximum possible deposit interest rate, it must also present the terms and conditions necessary for customers to achieve the advertised return alongside the minimum guaranteed interest rate. This information should be communicated without using graphic techniques such as varying background, font color, or size. In cases where a bank uses the same name for different types of deposits, the minimum guaranteed interest rate must be calculated separately for each type.
