Major Russian banks are raising deposit rates ahead of December demand.

      01 December 2025 14:44 Economy

      In recent days several major banks in Russia have announced increases in deposit rates, signaling the traditional start of the pre-New Year race: a rise in public interest in savings products ahead of the payment of 13th salaries, and banks’ desire to attract this stable liquidity by adjusting deposit terms.

      Thus, VTB said that from December 1, 2025 it is again increasing interest rates on ruble deposits for 4- and 6-month terms for all customers. Similar steps were taken last week by Gazprombank, Bank Dom.RF, T-Bank, MKB and other financial institutions.

      In the second decade of November the Bank of Russia for the first time since the start of 2025 recorded an increase in the average maximum deposit rate among the top-10 banks, which rose by 0.18 percentage points to 15.50% per annum. Earlier, since the beginning of January, this indicator had been steadily declining, losing 6.2 percentage points.

      According to RBC Investments, as of November 28 the average maximum yield on deposits in the top-10 banks was 15.40% per annum for three months, 14.90% for six months and 13.49% for one year.

      "The retail market is entering the 'depositor's time' again at year-end. Banks are improving terms ahead of the busy December season," noted VTB Senior Vice President Alexey Okhorzin ahead of the 16th VTB Investment Forum "RUSSIA CALLS!".

      Experts also note a rise in rates on combined products, which serve as a tool to stimulate cross-selling within financial groups but are not a mass-market offering.

      It was previously reported that the mortgage market will grow by a quarter in 2026, and the retail lending market by a third.

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