Russian banks have begun to reduce deposit rates

Banks reported the strengthening of the national currency
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In Russia, some banks have begun lowering interest rates on savings accounts. They explain their decision by stabilizing the situation on the attracted money market and strengthening the ruble. This is reported in the materials of credit institutions.

VTB Bank will reduce the savings account rate from 21% to 18% from April 6. “Adjustment of profitability is associated with the stabilization of the situation in the market of borrowed funds and the strengthening of the national currency,” – said on the website of VTB. From April 1, lowers the savings rate from 22% to 20% per annum, “Post Bank”, according to their website.

Dom.RF and Absolut Bank do not plan to change the rate yet, RIA Novosti reports. A similar position in the ICD. Sberbank has decided to reduce rates on ruble deposits by three to six months on managed deposits to 7-14%, and on closed – up to 10-18%, reports the National News Service.

Earlier, Russian banks actively raised rates on savings accounts. This happened after the growth of the key rate in Russia to 20% against the background of Western sanctions due to the special operation of the Russian Federation in Ukraine. At the end of February, Sovcombank raised deposit rates to 23%. In early March, Sberbank raised deposit rates to 21%, then VTB announced an increase in rates to 21%. To support the sanctions, the Russians were exempted from paying income tax on interest received in 2021-2022 on bank deposits, the site reports MK.RU.

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In Russia, some banks have begun lowering interest rates on savings accounts. They explain their decision by stabilizing the situation on the attracted money market and strengthening the ruble. This is reported in the materials of credit institutions. VTB Bank will reduce the savings account rate from 21% to 18% from April 6. “Adjustment of profitability is associated with the stabilization of the situation in the market of borrowed funds and the strengthening of the national currency,” – said on the website of VTB. From April 1, lowers the savings rate from 22% to 20% per annum, “Post Bank”, according to their website. Dom.RF and Absolut Bank do not plan to change the rate yet, RIA Novosti reports. A similar position in the ICD. Sberbank has decided to reduce rates on ruble deposits by three to six months on managed deposits to 7-14%, and on closed – up to 10-18%, reports the National News Service. Earlier, Russian banks actively raised rates on savings accounts. This happened after the growth of the key rate in Russia to 20% against the background of Western sanctions due to the special operation of the Russian Federation in Ukraine. At the end of February, Sovcombank raised deposit rates to 23%. In early March, Sberbank raised deposit rates to 21%, then VTB announced an increase in rates to 21%. To support the sanctions, the Russians were exempted from paying income tax on interest received in 2021-2022 on bank deposits, reports the site MK.RU.

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