23.06.2025, 22:24
Major Russian banks have lowered deposit rates
Source: OREANDA-NEWS
OREANDA-NEWS All major Russian banks from the top 20 have lowered deposit rates after the last meeting of the Board of Directors of the Bank of Russia at the key rate, according to the financial marketplace Finuslugi.
"The June meeting on the key interest rate, at which it was decided to reduce its level to 20%, led to the most massive reduction in rates on ruble deposits. This is evidenced by the data of the deposit index calculated by the Finuslugi marketplace for deposit products in the top 20 banks in terms of public funds.… The reaction of the banks was almost unanimous: deposit rates have now fallen in 20 banks out of the top 20," the report says.
The only increase – by 0.5 percentage points on the three–month deposit - was recorded in one of the banks along with a reduction in rates on other deposits, the press release adds.
"On average, rates fell by 0.81-1.22 percentage points after the last meeting of the Bank of Russia, and by 2.75–3.81 percentage points since the beginning of 2025. As of June 23, 2025, the average rate for three-month deposits without special conditions in the top 20 banks was 18.77%, for semi–annual deposits – 18.08%, for annual deposits - 17.29%. The maximum rates offered are 20.50%, 19.30%, and 19.50%, respectively. The minimum rates are 17.20%, 16.33% and 14.68%," it also says.
On June 6, for the first time in almost three years (since September 2022), the Central Bank of the Russian Federation lowered its key rate to 20% per annum from a record level of 21%. The rate has been at its historical maximum for more than seven months since the end of October last year. At the same time, the regulator maintained a neutral signal and did not indicate the expected direction of its further steps: decisions will be made depending on the speed and sustainability of the decline in inflation and inflation expectations.
"The June meeting on the key interest rate, at which it was decided to reduce its level to 20%, led to the most massive reduction in rates on ruble deposits. This is evidenced by the data of the deposit index calculated by the Finuslugi marketplace for deposit products in the top 20 banks in terms of public funds.… The reaction of the banks was almost unanimous: deposit rates have now fallen in 20 banks out of the top 20," the report says.
The only increase – by 0.5 percentage points on the three–month deposit - was recorded in one of the banks along with a reduction in rates on other deposits, the press release adds.
"On average, rates fell by 0.81-1.22 percentage points after the last meeting of the Bank of Russia, and by 2.75–3.81 percentage points since the beginning of 2025. As of June 23, 2025, the average rate for three-month deposits without special conditions in the top 20 banks was 18.77%, for semi–annual deposits – 18.08%, for annual deposits - 17.29%. The maximum rates offered are 20.50%, 19.30%, and 19.50%, respectively. The minimum rates are 17.20%, 16.33% and 14.68%," it also says.
On June 6, for the first time in almost three years (since September 2022), the Central Bank of the Russian Federation lowered its key rate to 20% per annum from a record level of 21%. The rate has been at its historical maximum for more than seven months since the end of October last year. At the same time, the regulator maintained a neutral signal and did not indicate the expected direction of its further steps: decisions will be made depending on the speed and sustainability of the decline in inflation and inflation expectations.
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