Deposit Rates After the Bank of Russia Pause: Where 19% Is Still on Offer
Banks did not cut deposit yields after the Bank of Russia decision: short-term deposits even got pricier, while long-term ones fell. We look at real rates at the top 20 banks and the terms of promotional offers.
In brief: The average deposit rate at Russia's top 20 banks as of 11 September 2026 is 13.63% for three months, 13.15% for six months and 12.37% for one year, according to the Finuslugi deposit index. The highest offer in this group is 19% per annum on a three-month deposit for new customers; the lowest is 7% on a three-year deposit. After the Bank of Russia (the central bank) held the key rate at 14% on 11 September, banks have no reason for a rapid drop in yields.
How deposit rates changed over the month
Between the Bank of Russia meetings (24 July to 11 September) the market split by term: short-term deposits got pricier, long-term ones cheaper.
| Deposit term | Average rate, top 20 | Change |
|---|---|---|
| 3 months | 13.63% | +0.16 pp |
| 6 months | 13.15% | +0.16 pp |
| 1 year | 12.37% | +0.12 pp |
| 1.5 years | 11.45% | +0.05 pp |
| 2 years | 10.98% | −0.06 pp |
| 3 years | 10.67% | −0.07 pp |
Over the same period, seven banks in the sample raised rates and three cut them. According to RBC Investments' calculations, the picture at the top 10 banks by deposit portfolio size is slightly more modest: 13.41% for three months, 13.23% for six months and 12.30% for one year.
A key detail that is often overlooked: banks raised short-term rates against the backdrop of the July key rate cut (from 14.25% to 14%). That is not a contradiction but competition for funding: savers are moving en masse into short-term deposits, and banks have to pay for them.
Why long-term deposits are getting cheaper while short-term ones are not
The rate curve is currently inverted: the longer the term, the lower the rate. Three months pays 13.63%, three years pays 10.67%. This directly reflects market expectations: banks assume that in a year or two the key rate will be well below 14%, and they do not want to lock in expensive liabilities for long.
The Bank of Russia's own forecast supports this logic: 2026 full-year inflation is expected in the 6.0–7.0% range, and it should return to the 4% target in 2027, so room for policy easing over a deposit's lifetime does indeed open up. For a detailed breakdown of the regulator's decision, see Bank of Russia Holds Key Rate at 14%.
Where the top rates are actually on offer
High headline figures in advertising almost always come with restrictions on amount, term and customer status. Examples of offers recorded as of mid-September 2026:
- PSB, "Narodny Vklad": 30% per annum for 32 days, amount RUB 10,000–50,000, new customers only.
- Sber, "Vygodny Start +": 19% per annum for 3 months, amount RUB 10,000–100,000.
- VTB, "Vygodnoye Nachalo": 15% per annum for 91 days, amount RUB 10,000–50,000.
Financial marketplaces feature rates of up to 25% per annum, but that too is promotional mechanics: a short term, an amount cap and a "new money" requirement.
What this means in practice: 30% per annum for 32 days on a RUB 50,000 deposit yields about RUB 1,300 in income, which is nice but not a savings strategy. The bulk of your money is better placed at "regular" market rates of 12–13.5%.
What will happen to rates through the end of the year
The analyst consensus is a gradual decline without sharp moves:
- by December 2026, deposit yields could fall by 0.5–1.5 pp from current levels;
- by year-end, experts estimate average rates will approach 11.5–12% per annum;
- double-digit yields will most likely persist into early 2027.
The next checkpoint is the Bank of Russia meeting on 23 October 2026. If the central bank cuts the rate, banks will respond with new deposit rates within one to two weeks.
Practical takeaways for savers
- It makes sense to lock in yields now. A rate on pause is the top of the cycle, not the start of a new rise.
- The optimal horizon is 6–12 months. It pays 12.4–13.2% and does not lock up money for years at 10.7%.
- Deposit laddering: split the amount into 3–4 parts with different maturity dates, so part of the capital is regularly freed up and can be reinvested at the current rate.
- Check the interest terms. A promotional rate often applies only for the first few months or requires monthly card spending.
- Remember the tax. Personal income tax (NDFL) is payable on interest income above the tax-free minimum, which is calculated as RUB 1 million multiplied by the highest key rate during the year.
The regulator, meanwhile, sees no problems with the system's stability: according to Bank of Russia Governor Elvira Nabiullina, there is no outflow of deposits and no structural liquidity deficit.
