Overview

• On September 12, the Bank of Russia delivered a third consecutive cut to its key rate, setting it at 17% and signaling future moves will hinge on sustained disinflation and inflation expectations.
• Market data from the Finuslugi deposit index show five of the top 20 banks have already lowered deposit rates, with 13 of 20 changing terms in September as average one‑year yields fell to 13.23% and the market maximum slid to 17.7% from 18.5%.
• Sberbank will reduce savings account rates from September 19, setting a 13.5% maximum on its standard product, 14% on Premier, and 16.5% on the Your Savings account, with welcome bonuses trimmed across offerings.
• Other lenders are also adjusting terms: Dom.RF’s rate‑linked account reset to 15–15.9%, Gazprombank trimmed savings yields, T‑Bank’s base rate is now 9%, VTB maintained 16%, and PSB kept a 17% maximum with a 25% promotional rate for new clients, while some banks left conditions unchanged.
• A consumer survey by Vyberu.ru reports 14% of respondents fully withdrew deposits and 37% reduced their share, with many reallocating to higher‑yield bonds and some to equities.