At the end of 2021, the average maximum rate on ruble deposits in the ten largest Russian banks increased to 7.74% per annum.

The achieved value was the highest since May 2017.

Such data on Thursday, January 13, was presented by the Central Bank.

As follows from the regulator's materials, over the past year, interest rates on deposits in Russia have increased by more than 1.7 times.

So, back in January 2021, the national average was 4.49%.

Experts interviewed by RT largely associate the observed dynamics with the current monetary policy of the Central Bank.

It should be noted that financial institutions traditionally closely monitor changes in the key rate of the Central Bank and, on the basis of decisions taken by the regulator, independently determine the level of long-term lending and deposit rates.

“The growth of interest on deposits is a direct consequence of the tightening of monetary policy by the Bank of Russia, which began last year.

As the key rate increased, both the interest on deposits and on loans for households and businesses began to grow, ”Artyom Deev, head of the analytical department at AMarkets, explained in a conversation with RT.

Recall that the Central Bank began to tighten monetary policy in 2021 to combat inflation.

So, from March to December, the regulator raised its key rate seven times and raised it from 4.25 to 8.5% per annum.

It is assumed that in this way the Bank of Russia will be able to cool consumer demand and restrain further price increases.

According to Rosstat, in 2021, inflation in Russia has renewed its six-year maximum and amounted to almost 8.4%.

The achieved growth rates of consumer prices have doubled the target level of the Central Bank (4%).

Moreover, in early January 2022, inflation in the country accelerated to 8.6%.

Against this background, experts assess the likelihood of an additional increase in the key rate at a meeting of the Central Bank in February.

“The Bank of Russia may raise its rate to 8.75 or 9% per annum, after which it will pause to await the results.

We believe that in the coming months, the average interest on deposits may increase by another 0.5 percentage points, and then reach a plateau, "Igor Dodonov, an analyst at FG Finam, suggested in an interview with RT.

According to the Central Bank's forecast, by the end of 2022, the growth rate of consumer prices in Russia should slow down to 4-4.5%.

In these conditions, according to Artem Deev, in the second half of this year, average deposit rates may exceed inflation, and bank deposits will begin to bring real profitability.

It is noteworthy that some financial organizations, including large ones, are already offering individuals to place money on a deposit at 8.5-9% per annum.

About this RT deputy head of the information and analytical center "Alpari" Natalya Milchakova.

“However, despite the obvious benefits of these proposals, they need to be treated carefully.

Often they are not valid for everyone, but, for example, only for existing clients of the bank or apply to very large amounts of the deposit.

Nevertheless, the trend towards an increase in interest on deposits will be relevant throughout 2022, ”added Milchakova.

According to her, the rising rates should increase the attractiveness of keeping money in deposits.

This, in turn, will allow to "tie" the excess money supply in the economy and put additional pressure on inflation, the expert is sure.

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Earlier, the Central Bank proposed to create a separate type of deposit for Russians with low incomes.

It is assumed that interest on such a deposit will be linked to inflation or the key rate of the Central Bank.

In this case, the maximum amount of a special deposit can be 100 thousand rubles.

“To determine the category of citizens with low incomes, it will be possible to use the unified state information system of social security, the creation of which was proposed by the government.

We are ready to take an active part in the development of this mechanism, in the discussion of amendments to legislation, ”said Olga Polyakova, deputy chairman of the regulator in November.

According to experts, the initiative is designed to protect the savings of Russians from inflation.

At the same time, as analysts note, low-income citizens usually do not have significant savings.

Against this background, experts do not expect the new tool to be widely popular.

“Nevertheless, the initiative of the regulator may still be useful.

The presence of such an instrument can instill in poor citizens the habit of saving part of their salary or income for the future - that is, the habit of saving instead of living on loans until the salary, ”concluded Natalya Milchakova.