The Bank of Russia has released the results of its May 2024 monitoring of maximum interest rates on deposits in Russian rubles at the top ten credit institutions. The findings show that for both the first and second ten days of May, the maximum interest rate was 14.95%.
This monitoring excludes certain types of deposits such as those with compound interest rates or special conditions like regular bank card turnover. It also does not consider combined deposit products with additional conditions for higher interest accrual.
The top ten credit institutions included in this analysis are Sberbank, VTB Bank, Bank GPB, AO ALFA-BANK, Rosselkhozbank, Bank Otkritie Financial Corporation, PJSC ROSBANK, Tinkoff Bank, Promsvyazbank PJSC, and PJSC Sovcombank. These banks were chosen based on the largest amount of household deposits they attract.
The Department of Banking Regulation and Analytics conducted this monitoring using information from these banks' websites. The published values are described as indicative.
For reference, average maximum interest rates by maturity were also provided: up to 90 days is 12.98%, from 91 to 180 days is 14.36%, from 181 days to one year is 14.48%, and over one year is 12.86%.
Data on changes in these monitoring results can be found on the Bank of Russia's website.