The Bank of Russia has released the results of its September 2024 monitoring of maximum interest rates on deposits in Russian rubles. The data pertains to the top ten credit institutions attracting the largest amount of household deposits.
During the first ten days of September, the maximum interest rate was recorded at 17.63%. This figure increased to 17.99% during the second ten days and further rose to 18.71% in the third ten days.
The Bank of Russia provides detailed information on changes in these monitoring results on its website. Additionally, average maximum interest rates by deposit maturity are available for reference.
The calculation of a credit institution's maximum interest rate excludes special client categories such as pensioners or children and specific purposes like social or humanitarian goals. Compound interest rates and those contingent upon certain conditions, such as regular bank card turnover or maintaining a minimum balance, are also not considered. Combined deposit products with additional conditions for higher interest accruals are out of scope.
The average maximum interest rate is determined as an arithmetic mean from these top institutions: Sberbank, VTB Bank (PJSC), Bank GPB (JSC), AO ALFA-BANK, JSC Rosselkhozbank, PJSC ROSBANK, CREDIT BANK OF MOSCOW, TBank, Promsvyazbank PJSC, and PJSC Sovcombank. The Department of Banking Regulation and Analytics conducted this monitoring using information from their respective websites.
For reference purposes, average maximum interest rates by maturity were reported as follows: up to 90 days at 16.68%, from 91 to 180 days at 17.46%, from 181 days to one year at 18.03%, and over one year at 17.6%.
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