Banks raise deposit rates amid withdrawal surge

From July 24 to August 24, 2026, seven of the top-20 banks increased rates on three-month deposits (up to plus 5.5 percentage points), and eight banks increased rates on six-month deposits (up to plus 0.8 percentage points).

Consensus

Russian banks increased short-term deposit interest rates between July and August 2026.
There was a notable increase in the number of banks experiencing withdrawal of deposits from physical individuals.
Households are shifting savings from term deposits to cash and securities.
The Bank of Russia reduced its key interest rate ten times in a row by 28 July 2026, bringing it to 14% annually.
Despite the key rate cut, deposit rates rose, particularly for short-term deposits.
The shift in savings behavior is linked to expectations of future interest rate increases and declining deposit yields.

Points of divergence

Analyst Mikhail Belyaev stated that rising credit rates are due to banks needing to compensate for higher deposit rates, creating a counterintuitive economic situation. — vesti
At least 152 banks experienced a reduction in term deposits from individuals in July 2026, with the trend increasing from June and May. — novaya_eu
The average maximum interest rate for top-10 banks' ruble deposits rose to 12.90% in the second decade of August 2026, marking the fifth consecutive increase after seven months of decline. — interfax
Retail investors shifted toward long-term government bonds and medium-term corporate bonds with high ratings, and also increased holdings in floating-rate instruments and discounted stocks. — kommersant
The average interest rate on deposits up to 1.5 years increased by 0.05 to 0.38 percentage points in the top 20 banks between 24 July and 24 August 2026. — vm
The maximum average interest rate among top-20 banks reached 16% for three-month deposits in late July 2026. — 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

Banks raise deposit rates amid withdrawal surge

Consensus

Points of divergence

Coverage (14 sources)

Key entities

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