The Bank of Russia has released the results of its November 2024 monitoring of maximum interest rates on deposits in Russian rubles at the top ten credit institutions attracting the largest amount of household deposits. The findings are as follows: for the first ten days of November, the maximum interest rate was 20.91%, and for the second ten days, it increased to 21.56%.
The 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 methodology used to determine the maximum interest rate at a credit institution involves several criteria. Rates available to any client without limitations or preliminary conditions are considered, while those specific to certain client categories or purposes are excluded. Compound interest rates and those requiring specific conditions such as regular bank card turnover or maintaining a minimum balance are not included. Combined deposit products with additional conditions are also out of scope.
The average maximum interest rate is calculated as an arithmetic mean of the top ten credit institutions' rates.
The monitored institutions include 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 monitoring was conducted by the Department of Banking Regulation and Analytics using information from these banks' websites.
For reference, average maximum interest rates based on deposit maturities are as follows: up to 90 days - 18.97%; from 91 to 180 days - 20.68%; from 181 days to one year - 21.30%; and over one year - 19.99%.