From May 7, rates on mortgages and some deposits of Sberbank will be increased, the press service of the bank said.
“For clients who have already received approval for an application for a mortgage at the previously valid rate, the rate remains the same and is fixed for the entire period of approval – 90 days after the bank’s positive decision,” the bank’s press service clarified (quoted by TASS).
Under the new conditions, the minimum mortgage rate for the purchase of an apartment in a new building will be 8%, in the secondary market – 8.1%. The increase in the rate on deposits will apply to the “Additional interest” deposit. The maximum interest rate on the “Additional Interest” deposit will be 5% per annum. Also, from May 7 to May 21, it will be possible to open the “Contribution to Victory”. The interest rate on it will be from 4.4%.
Over the past two years, interest rates on deposits have been going down. The maximum interest rate of the ten banks attracting the largest volume of deposits decreased from 7.53% per annum in March 2019 to 4.56% in March 2021. The growth in interest rates on deposits and mortgages occurred after another increase in the key rate by the Bank of Russia. According to experts, by the end of the year, rates may rise by another 1-1.5 percentage points, that is, they will provide more than 6% per annum.
What to look for when choosing deposits – in the material “Kommersant” “The rates are going uphill.”