VTB raises conditional two-month deposit rate to 14% annually

VTB increased the maximum annual rate on its two-month VTB Deposit to 14% from October 16 when interest is paid at maturity, RBC Investments reported, citing the bank’s updated terms.

A new depositor is a customer who has held no VTB deposit or savings account during the previous six months. New funds are money not held in VTB accounts or deposits during the preceding three months.

RBC says the bonus rate is fixed for the deposit term, while new-funds eligibility lasts until 23:59 Moscow time on the relevant day. The minimum opening amount is 10,000 rubles online and 50,000 rubles at a branch.

The Family Savings account also changed: its maximum annual rate, including a bonus for linking relatives, rose to 12%, while the base rate remained 4%. Interest accrues on the daily balance.

Up to five people can participate in Family Savings in addition to the account holder.