Russian banks are increasing short-term deposit interest rates amid…

Russian banks are increasing short-term deposit interest rates amid rising cash circulation and declining trust in bank deposits, with households shifting savings toward cash and securities. The central bank has cut its key rate, but deposit rates have stabilized or risen for shorter terms.

Consensus

Russian banks have increased short-term deposit interest rates in August 2026.
The volume of cash in circulation in Russia has been rising since early 2026.
Households are increasingly favoring cash over bank deposits for saving.
The Bank of Russia has been reducing its key interest rate, with the 10th consecutive cut in July 2026 bringing it to 14%.
There is a noticeable shift in household savings from bank deposits to cash and securities.
The growth in cash circulation is linked to a structural liquidity deficit in the banking sector.
The share of people preferring cash for savings reached a high of 37% in August 2026.

Points of divergence

Sberbank expects a cash outflow of about 4.2 trillion rubles by the end of 2026. — vesti
More than half of Russian banks (152 out of 265) experienced a decline in term deposits from individuals in July 2026. — novaya_eu
The average maximum interest rate for deposits in the top 10 banks rose to 12.90% in the second decade of August 2026, marking the fifth consecutive increase after seven months of decline. — interfax
Retail investors are shifting from deposits to long-term government bonds and medium-term corporate bonds with high ratings. — kommersant
The maximum interest rate on a three-month deposit among top 20 banks reached 19%. — vm
After the Bank of Russia's rate cut on 24 July 2026, deposit rates for three months, 1.5 years, and two years slightly increased, while only year-long deposits saw a drop. — vedomosti

Coverage (14 sources)

Sberbank expects further growth of cash volume in the Russian economy — Вести
Analyst explains why credit rates are rising — Вести
More than half of banks faced outflow of deposits — Новая газета Европа
Top 10 banks in the second decade of August increased deposit rates for terms exceeding 3 months — Интерфакс
Net inflow of funds to broker accounts exceeded 1 trillion rubles in the second quarter — Коммерсантъ
FinServices: Large banks raised rates on short-term deposits — Вечерняя Москва
Largest banks of the Russian Federation raised rates on three-month deposits to 19% per annum — Коммерсантъ
Large banks increased rates on short-term deposits — Ведомости
Large banks increased rates on short-term deposits — Вести
Net profit of Russian banks grew by 18% in July — Коммерсантъ
Banking sector of the Russian Federation increased profit in July to 443 billion rubles — Ведомости
Mortgage growth in Russia in July slowed to 0.4%, consumer credit - to 1.1% — Интерфакс
Russian banks increased profit by 18% in July on a monthly basis, to 443 billion rubles. — Интерфакс
Central Bank noted acceleration of corporate loan growth in July to 1.3% — Интерфакс

Russian banks are increasing short-term deposit interest rates amid…

Consensus

Points of divergence

Coverage (14 sources)

Key entities

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