Russian top-ten banks’ deposit-rate indicator holds at 13.06%

The Bank of Russia’s new monitoring results show no change in the average maximum ruble deposit rate for the first ten days of October.

The indicator matches the final ten days of September. It averages each bank’s maximum rate across the ten lenders attracting the largest household deposit volumes. It is an indicative measure rather than a rate offered on every deposit.

The central bank’s October 13 release lists average maximum rates of 12.55% for deposits up to 90 days, 12.87% for 91–180 days, 12.73% for 181 days to one year and 11.75% for longer terms. RBC reports increases of 0.03 percentage points for medium terms and 0.06 points for deposits over a year.

A separate RBC calculation of offers available on October 13 gives 13.46% for three months, 13.30% for six months and 12.62% for one year, unchanged over the week. It considers deposits starting at 100,000 rubles, allowing new-money or new-customer conditions and including capitalisation, without withdrawals or top-ups. Its methodology and observation date differ from the central bank’s monitoring.

VTB separately estimates that retail funds held by Russian banks grew 2% over nine months to more than 67.4 trillion rubles. Savings accounts supplied about 94% of that increase, growing 17% to nearly 10.8 trillion rubles. These market-size estimates are not deposit-rate measurements.