Central Bank of Russia

Results of monitoring of credit institutions’ maximum interest rates

The January 2020 results of the monitoring of the maximum interest rates on deposits1 in Russian rubles of the top ten credit institutions,2 attracting the largest amount of household deposits are as follows:

The first ten days of January — 5.93%.

Data on the dynamics of monitoring results are available in the Banking Sector / Credit Institutions Performance subsection of the Statistics section on the Bank of Russia website.

1 The maximum interest rate at a credit institution is measured as follows:

— Maximum interest rates on deposits available to any client (including potential ones) without any limitations and preliminary conditions are taken into account. Deposits for special client categories (pensioners, children) and purposes (social, humanitarian, etc.) are excluded.

— Compound interest rates on deposits are out of scope.

— Interest rates that are effective provided that certain conditions are fulfilled (regular bank card turnover, a permanent minimum balance on a bank card, etc.) are not taken into account.

— Combined deposit products, i.e. deposits with additional conditions, are not considered. Such additional conditions for higher interest accrual may comprise, among other things, purchase of investment units in a certain amount, opening of an investment account, conclusion of an agreement on investment or endowment life insurance, buying an extra service package, etc.

— Deposits with maturities divided into periods with varying interest rates are out of scope.

The average maximum interest rate is calculated as an arithmetic mean of the maximum interest rates of the top ten credit institutions.

2 PJSC SBERBANK (1481) — www.sberbank.ru, PJSC SOVCOMBANK (963) — sovcombank.ru, VTB Bank (PJSC) (1000) — www.vtb.ru, JSC RAIFFEISENBANK (3292) — www.raiffeisen.ru, Bank GPB (JSC) (354) — www.gazprombank.ru, PJSC CREDIT BANK OF MOSCOW (1978) — mkb.ru, JSC ALFA-BANK (1326) — alfabank.ru, PJSC BANK FC OTKRITIE (2209) — www.open.ru, PJSC PROMSVYAZBANK (3251) — www.psbank.ru, JSC ROSSELKHOZBANK (3349) — www.rshb.ru. The monitoring was conducted by the Bank of Russia Banking Supervision Support Department using the information provided by the said websites. The published values are indicative.