Russian ruble deposit rates for top ten banks continue to decline
The maximum interest rate on Russian ruble deposits at the top ten credit institutions fell to 14.059 percent in early February 2026. This marks a continued decline from its peak in early 2025.
Deposit rates fall from early 2025 peak
The maximum interest rate on Russian ruble deposits at the top ten credit institutions has seen a significant decline from its peak in early 2025.
Data from the Central Bank of Russia indicates that the rate reached its highest point at 21.7230 percent in the first ten-day period of January 2025.
By the third ten-day period of February 2026, this rate had fallen to 14.0590 percent, representing a substantial decrease of 7.664 percentage points over approximately 13 months.
This downward trend has been largely consistent, with only minor fluctuations, reflecting a sustained shift in the deposit market.
The latest figures show the lowest rate recorded in the provided series, highlighting the ongoing adjustment in the cost of attracting household savings for major Russian banks.
Tracking household savings in rubles
This dataset, published by the Central Bank of Russia, tracks the highest interest rates offered on household deposits in Russian rubles by the ten largest credit institutions.
These institutions collectively attract the largest volume of household savings, making their maximum deposit rates a key indicator for the broader retail banking sector.
The data is compiled for ten-day periods, providing granular insights into short-term market dynamics and competitive offerings.
Such information is crucial for understanding the attractiveness of ruble-denominated savings for the general public.
Sign of easing monetary conditions
The consistent fall in maximum ruble deposit rates indicates an easing of monetary conditions, likely influenced by the Central Bank of Russia's policy or market expectations.
This trend reduces the attractiveness of ruble savings for households, potentially shifting funds towards other investments or consumption.
For banks, lower deposit costs could improve net interest margins, assuming lending rates do not decline proportionally.