OREANDA-NEWS  To date, the average rates for the main types of deposits in the 20 largest financial institutions of the Russian Federation have dropped significantly. This is reported by TASS with reference to the data of the Finuslugi marketplace.

Thus, the average yield on three-month deposits dropped below 18 percent and reached 17.93 percent per annum. The last time the rates on this type of deposits in the largest Russian banks were kept at this level was in early October last year.

The average rate on semi—annual deposits, in turn, dropped to 17.25 percent, and on annual deposits - to 16.24 percent, experts said. After the key rate cut in June, it was the latter type of deposit that showed the sharpest drop in yields. The average rate for this type of banking products decreased by 2.27 percentage points (pp) during this time, by 1.94 percentage points for half—year loans, and by 1.65 percentage points for three—month loans, the analysts concluded.

Earlier, Igor Balynin, an associate professor at the Financial University under the Government of the Russian Federation, recommended that Russians divide their savings into deposits with different terms. He advised keeping the bulk of his savings on two- and three-year deposits. At the same time, Balynin urged Russians to refrain from bank deposits, the rate on which directly depends on the Central Bank's key rate. The level of profitability on them, he clarified, is not fixed, but floating. With a rapid drop in the price, the benefits of such financial products will also fall.