VTB Bank says raises deposit rate by 1.25 pp to 9% annually

MOSCOW, Nov 17 (PRIME) -- Russia’s second largest bank VTB Bank has increased rates on deposits by up to 1.25 percentage points, the maximum yield will now be 9% per annum, the bank said in a statement on Wednesday.

“VTB increases interest rates on deposits for retail customers from November 17. The increase will be up to 1.25 percentage points, and the maximum yield on certain products will reach 9% per annum,” the bank said.

According to Maxim Styopochkin, head of the bank’s deposits department, an increase in the profitability of bank deposits is returning people’s interest in classic deposits. During July–September alone, VTB’s deposits portfolio grew 11% to 2.1 trillion rubles, he said.

(72.5553 rubles – U.S. $1)

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