hit tracker
Thursday, July 18, 2024
HomeLatest NewsDeposit breakdown: TOP 10 most profitable offers from Russian banks

Deposit breakdown: TOP 10 most profitable offers from Russian banks

Date: July 18, 2024 Time: 04:00:29

The Central Bank left the key interest rate unchanged for the fourth consecutive time.

Photo: Mikhail FROLOV. Go to Photobank KP

The official interest rate of the Bank of Russia remained at the same level: 16% per year. For the fourth time in a row, the Central Bank has left this important indicator for the economy unchanged: the key interest rate has remained at this level since December last year. The Central Bank announced its decision last Friday and now it is possible to summarize the first results: how this affected the interest rates on deposits and loans.

The key rate is the minimum percentage at which the Central Bank grants loans to commercial banks and accepts money from them for deposits. It has a direct impact on inflation. To combat this, the Bank of Russia raises rates, increases interest rates on deposits and loans, which makes money more expensive. During such periods, it is profitable to open deposits and, on the contrary, banks grant loans at very high interest rates. Then the demand for goods and services decreases and, consequently, prices increase more slowly.

Bank interest rates on deposits began to rise at the end of May. Banks stopped waiting for a reduction in the key rate and began to fight for depositors. The situation was also influenced by the fact that from May 1, the limit of free transfers for clients to their accounts in different banks increased to 30 million rubles per month. That is, it has become much easier to transfer money from one bank to another, which has increased competition between banks and increased rates. However, the most generous deposits are granted only to those who bring new money to the bank that was not previously in accounts or deposits at this bank.

Where is it most profitable now to invest free funds for those who have them? KP has compiled a list of the top 10 banks that offer their clients the most favorable deposit conditions.

BY THE WAY

At the same time as deposits, loans become more expensive. The average rates on consumer loans are already 18-19% per year. The total cost of the loan can reach up to 35-50%. It includes not only the amount of the main debt, but also the fee for issuing and maintaining a plastic card, insurance, etc. Average auto loan rates range from 15 to 20% annually. Mortgage – on average 17-20%. But preferential mortgage programs will continue to operate in the country. Under the same conditions (rate of 6% per year, down payment from 20%), the preferential family mortgage program ends on July 1, 2024. But families with at least one child under 6 years old will continue to receive mortgage loans 6% until 2030. Furthermore, at the St. Petersburg International Economic Forum, Vladimir Putin also proposed, after July 1, granting 6% mortgages to families with two children, regardless of their age, living in small towns ( These are cities with up to 50 thousand inhabitants).

* This website provides news content gathered from various internet sources. It is crucial to understand that we are not responsible for the accuracy, completeness, or reliability of the information presented Read More

Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.
RELATED ARTICLES

Most Popular

Recent Comments