OREANDA-NEWS. June 19, 2014. Sviaz-Bank (Vnesheconombank Group) has raised interest rates payable on time deposits in Russian rubles in accounts opened with the Bank’s offices and in the Megapay Internet banking system.

Interest rates have been increased on the popular ruble-denominated deposits – Savings Plus, the 13th Pension, the Classic Collection, and the Elite Collection, now paying an extra 0.5 p.p. on average.

The maximum interest rate payable on individuals’ standard ruble-denominated deposit accounts opened through the Internet bank reaches 9.5%, with 10% payable on VIP deposits, up from a market average 8.6% per annum on ruble-denominated deposits in the middle of last April. To sum up, the maximum interest rates Sviaz-Bank now pays on the Savings Plus deposit range from 8.9% to 9.5%, 9.0% to 9.5% on the 13th Pension deposit, and 9.4% to 10% on the Classic Collection and Elite Collection deposits for affluent customers (the final interest rate depends on the depot amount, deposit time, and several other considerations). The deposits are to be capitalized every month or quarter.

“Aware of the situation on the deposit market, we are trying hard to get customers really interested and give our depositors a chance to fully protect their monies against inflation. Now that banks have edged up the interest rates they pay on deposits, even if a little, it is really profitable today to put savings in deposits for a medium or long term,” said Olga Oleinik, Vice Chair of Sviaz-Bank’s Management Board.