From November 20, Alfa Bank increased rates on ruble deposits of individuals by an average of 0.2-0.7 percent per annum. This was reported in a press release from the largest private bank in Russia.

The yield on deposits in foreign currency increased by 0.2-0.3 percent per annum on average. Currently, the maximum rates on time deposits “Premium” and “Victory” in rubles in the bank are 9.6 percent per year, and on the seasonal deposit “Lucky Year” - 9.92 percent.

According to Grigory Babajanyan, director of products for the Retail Business block at Alfa Bank, rates on the most popular deposits also increased in August. As a result, the yield on retail deposits increased by 0.5-1.4 percent.

According to the Central Bank, the average maximum rate on deposits of the ten largest banks from November 10 to November 20 increased by 0.05 percentage points. The indicator value was 9.51 percent. The calculation includes Sberbank, VTB 24, Bank of Moscow, Raiffeisenbank, Gazprombank, Russian Standard, Alfa Bank, Uralsib, Promsvyazbank and Rosselkhozbank.

Since the beginning of the year, the average rate has been growing steadily, but in October the Bank of Russia stopped taking into account so-called combined products when calculating it (they imply, in addition to depositing funds, certain actions of the depositor, for example, purchasing a share in a mutual fund). As a result, the nominal maximum rate fell below 10 percent per annum, although in reality the profitability of deposits in banks only increased.

Russian banks began to increase deposit volumes by increasing rates at the end of 2011. This is largely due to the debt crisis in the eurozone, as a result of which the flow of capital from abroad has decreased significantly. According to the DIA forecast , in 2013 the volume of bank deposits in Russia will increase by 2.25 trillion rubles to 16.25 trillion.

Alfa Bank raised deposit rates