The Bank of Russia has released the results of its October 2024 monitoring of maximum interest rates on deposits in Russian rubles. The findings focus on the top ten credit institutions that attract the largest amount of household deposits. For the first ten days of October, the maximum interest rate recorded was 19.78%.
These results are accessible on the Bank of Russia's website, where data on changes in monitoring results can also be found. Additionally, average maximum interest rates on deposits by maturity have been provided for reference.
The methodology for measuring the maximum interest rate at a credit institution includes several criteria. Interest rates available to any client without limitations or preliminary conditions are considered, while those for special client categories or with compound interest are excluded. Conditions such as regular bank card turnover or a permanent minimum balance are not taken into account, nor are combined deposit products with additional conditions like investment purchases or service packages.
The average maximum interest rate is calculated as an arithmetic mean of these rates from the top ten credit 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. This monitoring was conducted by the Department of Banking Regulation and Analytics using information from these banks' websites.
For different deposit maturities, average maximum interest rates were noted as follows: up to 90 days at 16.60%, from 91 to 180 days at 18.56%, from 181 days to one year at 19.28%, and over one year at 18.30%.