Sberbank lowered the rates on deposits in rubles

Sberbank of Russia has lowered rates on ruble deposits of the population “Keep”, “Join”, “Manage”, most of Bank deposits. The press service of Sberbank informed the Agency “Interfax” that the decline in rates on deposits in General, the line made up from 0.35 to 1.15 p. p. p. p. depending on the time and type of deposits. Also 0.55–1.3 p. p. was reduced rates on savings certificates.

“This change in rates due to the decision of the savings Bank to lower mortgage rates and higher ratios of required reserves on banks ‘liabilities and the rates of insurance contributions to the Agency for Deposit insurance”, — said the press service of the Bank.

So, according to information on the website of Sberbank, the maximum yield on the Deposit “Keep” in rubles and now amounts to 6.75% (excluding interest capitalization). Earlier, in April, the maximum yield on the Deposit was reduced to 7.55%. Then the Bank has lowered rates on ruble deposits “Stay”, “Pay” and “Control” for 0.5–1,05 p. p. depending on the term and amount of the contribution. Now to get the yield on the Deposit 6.75%, you need to place on Deposit the amount of from 700 thousand and above for a period of 6 to 12 months. After the April reduction of interest rates on deposits, Sberbank continued to actively raise funds from the public. In may, the Bank announced about the increase of deposits by 1.3%. Respondents RBC experts then argued that, despite the decline in rates, this dynamic will continue.

On 7 July, the Bank reported that its net profit for the first half grew 2.8 times compared to the same period last year and amounted to 229,4 billion. Analysts also predicted further growth in the Bank’s profit due to a decline in interest rates on deposits.

The President of Sberbank German Gref announced a reduction from 7 July interest rates on mortgages and consumer credits. Mortgage rates were lowered by 0.5 percentage points Reduction of interest rates on consumer credits amounted to 2 p. p.