Photo - © Mediastok.ru. Since the end of June, Russia's largest… (ставка · банк · вклад)

Photo - © Mediastok.ru. Since the end of June, Russia's largest banks have begun raising rates on short-term deposits and welcome bonuses.

Consensus

• Major Russian banks increased interest rates on short-term deposits starting in late June.
• The increase was aimed at attracting new customers and competing for client funds.
• The changes followed the Central Bank of Russia's decision to lower its key rate by 0.25 percentage points on June 19.
• The focus of the rate increases was primarily on deposits with terms up to three months.
• These deposits were targeted at new clients or funds not previously held in the bank for over a year.

Points of divergence

• Alfa Bank introduced a new deposit with a 20% annual interest rate for customers opening it in bank branches. — riamo
• The average maximum interest rate on deposits in the ten largest banks reached 12.79% in early July, up by 0.03 percentage points from late June. — vedomosti
• The average interest rate on three-month deposits rose to 13.5% annually by July 3, compared to 13.44% on June 19. — m24

Coverage (5 sources)

• Major Banks Raise Rates on Short-Term Deposits — РИАМО
• Major banks raise rates on short-term deposits — Коммерсантъ
• Central Bank: Maximum deposit rates in banks have slightly increased — Ведомости
• Banks began to worsen terms for market mortgages — Коммерсантъ
• RIA Novosti: Banks in Russia raised rates on short-term deposits — Москва 24

Key entities

• Russia
• Central Bank
• RIA Novosti
• DOM.RF
• Sovcombank
• Alpha-Bank
• CB
• Bank of Russia
• Nabiullina
• Gazprombank
• Алексей Сухоруков
• Elvira Nabiyullina
• Max
• Commerzant
• RIAMO