Russia’s Sberbank raises maximum deposit rate to 20 pct

MOSCOW, Sept. 30 (Xinhua) — Russia’s largest bank, Sberbank, has raised its maximum annual interest rate on deposits with terms up to one year to 20 percent, local media reported on Sunday.
“The maximum interest rate is now available for deposit terms of up to one year on any amount of money,” the bank was quoted by TASS news agency as saying.
Interest rates for deposit terms under one year were also adjusted. Deposits ranging from seven to nine months offer up to 20 percent annually, while deposits for three to six months offer up to 18.5 percent, the report said.
“Customers can now access the maximum rates on any deposit amount,” said Sergei Shirokov, head of Sberbank’s Borrow and Save Department.
Last week, Russia’s second-largest bank, VTB Bank, also raised its interest rates on ruble-denominated savings products for both new and existing customers for the second time in a month. ■