The maximum deposit rate fell below 7%

According to the results of the third decade of July, the average maximum rate of the top 10 Russian banks on deposits of individuals in rubles was 6.93%. Compared to the second and first ten days of July, it decreased by 0.72%, over the month – by 0.79%. The monitoring data is published on the website of the Central Bank.

“The results of monitoring in July 2022 of the maximum interest rates on deposits in Russian rubles of ten credit institutions that attract the largest volume of deposits from individuals: the first ten days of July – 7.65%; II decade of July – 7.65%; III decade of July – 6.93%,” the Central Bank said in a statement.

For reference, the regulator also cited the average maximum interest rates on deposits by terms of raising funds: for deposits up to 90 days, it amounted to 5.82%; from 91 to 180 days – 6.72%; from 181 days to 1 year – 6.65%; for a period of more than 1 year – 7.08%.

The banks whose data the Central Bank uses to monitor rates include Sberbank, VTB, Tinkoff Bank, Raiffeisenbank, Gazprombank, Credit Bank of Moscow, Alfa Bank, Promsvyazbank, Rosselkhozbank, and FC Otkritie Bank. The Central Bank does not take into account rates with interest capitalization, deposits with additional conditions, as well as deposits, the term of which is divided into periods with different rates.

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