From July 26, VTB is increasing the yield on the entire line of ruble deposits for retail customers. On average, the increase will be 0.5 pp, placing funds for VTB depositors is available with a maximum yield of up to 10% per annum, depending on the term of savings and the type of deposit.
The ruble deposit remains the main savings instrument for the population, which guarantees high returns with minimal risk. VTB offers market rates, allowing customers to flexibly place their funds taking into account their needs.
The client can receive the maximum yield of 10% per annum when placing funds for three years, choosing the option of capitalizing interest or the option of paying interest at the end of the term.
«VTB is strategically focused on supporting the population, therefore, we expect that the new product parameters will allow depositors to receive increased returns taking into account the market situation, while at the same time flexibly manage their own funds. In our opinion, an increase in the key rate will contribute to further growth in yields in the retail savings market. If the average rate in the TOP 10 banks is now at the level of 7.67%, then in the next month it will most likely increase by 0.6-0.7 pp and approach 8.5%. At the same time, the main interest of clients will shift towards longer-term instruments, for which banks offer the most attractive rates,” comments Natalia Tuchkova, Head of Savings Department at VTB.
According to her estimate, interest rates on foreign currency deposits will still remain at a minimum level, therefore, the bank predicts further de-dollarization of the population's savings. The trend will intensify as interest rates on ruble savings instruments increase, as well as on products in friendly currencies – primarily yuan.
Earlier, VTB gave an assessment of the growth of the market for attracted funds in accounts and deposits of individuals of Russian banks in 2023. According to the bank's forecasts, it will grow by 7.8% and amount to about 39.5 trillion rubles. VTB itself traditionally plans to grow faster than the market.
