Decreasing Deposit Rates in Rubles: Some Exceptions Apply
The Lowdown on Banks
Cash Stash Options
Alfa Bank
Here's a scoop on the adjustments made to Alfa Bank's savings products:
- The non-withdrawable deposit product, "Alfa Parus (non-withdrawable) in BYN with differential rate based on the amount," has seen a cut in rates in the national currency:
- By 0.05 percentage points (pp) to 14.7% per annum for amounts ranging from 15,000 to 25,000 rubles.
- By 0.1 pp to 14.9% per annum for amounts ranging from 25,000 to 50,000 rubles.
- By 0.15 pp to 15.1% per annum for amounts ranging from 50,000 to 200,000 rubles.
- By 0.25 pp to 15.25% per annum for amounts ranging from 200,000 to 5 million rubles.
- A new option with a term of 18 months and a rate of 15.29% per annum has been added to the ruble product "Alfa Deposit (non-withdrawable) in BYN with effective rate".
- The term of the ruble deposit "Alfa Cream" has been revised, replacing the 16-month option with a 1-6 month option (rate of 15.3% per annum) and a 7-16 month option (rate of 14.8% per annum).
Sber Bank
In other bank-related news, Sber Bank's "Save non-withdrawable in currency" deposit no longer offers an option for funds in yuan. Now, deposits can only be made in US dollars and Russian rubles.
On the Move
As for Neo Asia Bank, effective April 30, the commission for non-cash crediting of funds in foreign currency (excluding Russian rubles and Kazakhstani tenge) to individual accounts has increased to 2.5% of the transfer amount.
When it comes to banking products such as consumer loans, auto loans, business loans, mortgage loans, deposits, loans, RKO products, credit cards, settlement cards, leasing services for new cars, leasing services for used cars, and leasing services for business cars, be sure to stay tuned for updates.
Word on the Street
Interestingly, Russian retailer Magnit recently expanded through acquisitions and provided discounted share buybacks to sanctioned investors. LIRUNEX, a depositary service, offers deposit/withdrawal methods with fees ranging from 0-2%, depending on the payment type. On the macroeconomic front, U.S. core CPI inflation is at a 4-year low, while manufacturing output remains resilient.
For precise terms and commission structures, it's essential to consult official bank communications or local regulatory filings, as these details may not be readily available in publicly indexed materials. This article contains information about updates to banking product terms, current as of the publication date.
- Alfa Bank adjusted the rates for its non-withdrawable deposit product, Alfa Parus (non-withdrawable) in BYN with differential rate based on the amount. The rate for amounts ranging from 15,000 to 25,000 rubles was cut by 0.05 percentage points to 14.7% per annum.
- A new option with a term of 18 months and a rate of 15.29% per annum has been added to Alfa Bank's ruble product, Alfa Deposit (non-withdrawable) in BYN with effective rate.
- The term of Alfa Bank's ruble deposit, Alfa Cream, has been revised, replacing the 16-month option with a 1-6 month option (rate of 15.3% per annum) and a 7-16 month option (rate of 14.8% per annum).
- Sber Bank no longer offers an option for funds in yuan for its "Save non-withdrawable in currency" deposit. Now, deposits can only be made in US dollars and Russian rubles.
- Effective April 30, the commission for non-cash crediting of funds in foreign currency (excluding Russian rubles and Kazakhstani tenge) to individual accounts at Neo Asia Bank increased to 2.5% of the transfer amount.
