The Bank of Russia has released the results for May 2024 concerning the maximum interest rates on deposits in Russian rubles. These figures pertain to the top ten credit institutions that attract the largest volume of household deposits.
For the first ten days of May, the maximum interest rate was recorded at 14.95%. Detailed information regarding changes in these monitoring results can be accessed on the Bank of Russia's website.
The calculation method for determining a credit institution's maximum interest rate excludes several categories: special client categories such as pensioners and children, compound interest rates, and those effective only under certain conditions like regular bank card turnover or maintaining a permanent minimum balance. Additionally, combined deposit products with additional conditions are not considered. Deposits with varying interest rates over different periods are also excluded from this scope.
The average maximum interest rate is determined by calculating an arithmetic mean of these rates across the top ten credit institutions. The banks involved in this monitoring include Sberbank, VTB Bank (PJSC), Bank GPB (JSC), AO ALFA-BANK, JSC Rosselkhozbank, Bank Otkritie Financial Corporation (Public Joint-Stock Company), PJSC ROSBANK, Tinkoff Bank, Promsvyazbank PJSC, and PJSC Sovcombank. This data collection was conducted by the Department of Banking Regulation and Analytics of the Bank of Russia using information from these banks' websites.
For reference purposes, average maximum interest rates based on deposit maturity have been provided: up to 90 days at 12.98%, between 91 to 180 days at 14.36%, from 181 days to one year at 14.48%, and over one year at 12.86%.
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