As of the third ten-day period of April 2024, the average maximum interest rate on deposits in Russian banks has risen by 0.09 percentage points to 14.92%, according to the Bank of Russia.
The calculation was based on data from ten banks holding the largest volumes of ruble deposits from private individuals. The record average rate for deposits was observed in March 2022, at 20.51%, while the lowest rate was 4.33% during the first ten-day period of October 2020.
The average maximum interest rate serves as a benchmark used by the Central Bank. The regulator recommends that Russian banks set the interest rate on deposits no more than 2 percentage points above this average value.
Furthermore, the Central Bank and the Ministry of Digital Development plan to launch a pilot platform for commercial consents by the end of 2024. This platform will facilitate the provision of services by financial organizations in remote settings. If an organization lacks sufficient information about a client who wishes to obtain a service remotely, the client can consent to the sharing of their data from another organization that possesses the required information.
[Photo: a screenshot from a video on Rutube]