Sovcombank boosts interest on Golden Autumn deposit up to 21.5%
In a significant move, five major Russian banks - Sberbank, VTB, Alfa Bank, and two other top 20 retail fund banks - have adjusted their deposit rates in the week leading up to the Central Bank of Russia's decision to lower the key rate.
The Bank of Russia, in its meeting on September 12, reduced the key rate by 1 percentage point, making it 17%. This decision was followed by the banks' adjustment of their credit and savings product rates.
The adjustment of rates by these banks is a direct consequence of the Bank of Russia's decision to lower the key rate. The central bank's key rate influences the interest rates charged by commercial banks, and this adjustment could potentially attract more deposits and stimulate economic growth.
Interestingly, the maximum deposit rate for a three-month term with the subscription "Halva.Decadent" and at least 10 purchases using the "Halva" card totaling 20,000 rubles per month is 21.5% per annum. Without these conditions, the maximum deposit rate for a three-month term is 15.5% per annum.
The banks' adjustment of their rates may impact the overall financial landscape in Russia. It could also influence the interest rates charged by other financial institutions. The Bank of Russia, however, predicts that inflation will decrease to 6-7% by the end of 2025 and return to 4% in 2026.
The banks' responsiveness to the Bank of Russia's monetary policy decisions is evident in their adjustment of their rates. This competitive response to the lower key rate set by the Bank of Russia suggests that the banks are aligning their rates with the central bank's efforts to stimulate economic growth.
It is worth noting that the "Halva" card and "Halva.Decadent" subscription are not further explained in this context. The search results do not contain information about the current maximum annual interest rates for different terms at Sberbank, VTB, and Alfa Bank following the Bank of Russia's decision to reduce the key rate.
The Bank of Russia plans to continue the period of tight monetary policy until inflation returns to its 4% target by 2026. This decision is part of the bank's broader strategy to maintain a stable and conducive economic environment in Russia.
In conclusion, the adjustment of deposit rates by major Russian banks is a significant development in the country's financial landscape. This move is a direct response to the Bank of Russia's decision to lower the key rate and could potentially stimulate economic growth. However, the full implications of this move are yet to be fully understood and will be closely watched in the coming weeks.
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