MOSCOW, June 2. /TASS/. Deposit yield in Russian banks has dropped below 20% from 21-22% at the beginning of the year, with the fall of deposit rates having affected all major banks, Managing Director of Finuslugi Project at Moscow Exchange Igor Alutin told TASS.
The key rate of the Bank of Russia currently stands at 21%, it has not changed since October 2024.
"As of the end of May 2025, only one bank out of top twenty in terms of retail deposit portfolio offered the rate on a regular deposit above the Central Bank's key rate," he said. "The situation was different at the beginning of this year: almost each bank offered rates at the level or above the key rate. Such rates were offered most often for deposits opened for six months: 16 banks from top twenty offered such a yield, while in top fifty every second bank did it. They could be found least often for deposits opened for three years: there were only four offers from top fifty banks at the beginning of the year, and now [there are] two [of them]," the expert said.
"As per the deposit index by the Finuslugi marketplace, by now the deposit yield in top twenty banks has fallen by 1.8-2.5 percentage points depending on the term of the deposit. This is happening amid the Central Bank’s unchanged decision to keep the level of the key rate set in October 2024. The next meeting of the Central Bank will take place on June 6. The key rate may start being reduced in the second half of 2025," he added.
It is safe to state that the spread of rates to the key rate has normalized, having returned to previous levels, Alutin noted. "Nevertheless, bank deposits are still attractive," he said.