The analytical review of the Bank of the Russian Federation for the second quarter of 2024 provides an explanation for the growth of household deposits.
The growth of household funds in banks is associated with an increase in citizens' income, high interest rates on deposits and capitalization of interest.
The growth of funds of Russians in bank accounts amounted to 6.5% from April to June, as noted in a review by the Bank of Russia .
This figure is projected to rise to 16–21% by the end of 2024.
According to the regulator, in monetary terms, Russians’ funds increased by 3.1 trillion rubles in the second quarter.
The bank noted that the largest increase was in funds in rubles for term deposits with a term of 6 months to 1 year.
The Central Bank believes that the increase in rates is caused by the tightening of monetary policy and increased competition after the abolition of the commission for transferring depositors' funds between their accounts.
