The Bank of Russia has released the results of its October 2024 monitoring of maximum interest rates on deposits in Russian rubles. This assessment covers the top ten credit institutions attracting the largest amount of household deposits.
For the first ten days of October, the maximum interest rate was recorded at 19.78%. During the second ten days, this rate slightly decreased to 19.66%.
Detailed data regarding changes in these monitoring results can be accessed on the Bank of Russia's website. Additionally, information on average maximum interest rates by deposit maturity is provided for reference.
The calculation method for determining a credit institution's maximum interest rate includes only those rates available to any client without limitations or preliminary conditions. Excluded from consideration are special category deposits (such as those for pensioners or children), compound interest rates, and rates contingent upon fulfilling certain conditions like regular bank card turnover or maintaining a permanent minimum balance.
Combined deposit products with additional conditions for higher interest accruals are also not considered in this evaluation. Examples include requirements such as purchasing investment units, opening an investment account, or buying an extra service package.
The average maximum interest rate is calculated as an arithmetic mean across these 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. The Department of Banking Regulation and Analytics conducted this monitoring using information from their respective websites.
For further reference on average maximum interest rates based on deposit maturity: up to 90 days is 16.88%, from 91 to 180 days is 18.67%, from 181 days to one year is 19.39%, and over one year is 18.33%.