Retail Deposits in January-August 2021

Sergey A. Zubov – Senior Researcher of the Russian Presidential Academy of National Economy and Public Administration, Candidate of Economic Sciences, Associate Professor (Moscow, Russia). Е-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

The slowdown in the growth rate of retail deposits is due to the policy of low rates of the Central Bank of the Russian Federation in 2020 and the introduction of a tax on interest on retail deposits, which came into force in 2021. The increase in the key rate of the Bank of Russia contributed to an increase in bank deposit rates and allowed to reduce the rate of outflow of funds from fixed deposit accounts. The low level of interest rates on deposits will contribute to the gradual redistribution of retail resources, which will result in an increase in popularity of savings accounts and further promotion of banking products related to investments in the stock market.

Key words: Russian banking sector, retail deposits, retail escrow accounts, Deposits Insurance Agency, Bank of Russia.

JEL-codes: D81, E58, G21.