Declines in Interest Rates Persist, Yet Certain Deposits Buck the Trend
In Belarus, changes have been made to deposit product conditions across several banks.
Starting with Bank VTB (Belarus), the interest rate on the "SuperSeven-online" deposit in Belarusian rubles has seen an increase of 0.19 percentage points, now standing at 15.29% per annum for a term of 399 days.
On the other hand, Bank BelVEB has announced adjustments to its deposit products. For the "Non-withdrawal Deposit (offline)" in the national currency, rates have decreased:
- by 2 percentage points to 11.3% per annum for a term of 35 days;
- by 1.5 percentage points to 12.4% per annum for a term of 3 months;
- by 0.7 percentage points to 13.4% per annum for a term of 7 months.
Rates for the "Non-withdrawal Deposit (online)" and the "Personal" deposit products have also experienced reductions in Belarusian rubles:
- "Non-withdrawal Deposit (online)" – by 2 percentage points to 11.6% per annum for a term of 35 days, by 1.5 percentage points to 12.7% per annum for a term of 3 months, and by 0.7 percentage points to 13.7% per annum for a term of 7 months.
- "Personal" deposit – by 1.5 percentage points to 12.4% per annum for a term of 3 months and by 0.7 percentage points to 13.4% per annum for a term of 7 months.
While detailed interest rates for deposit products in Belarusian rubles across various banks are not explicitly available in current search results, it's worth noting that some banks, such as Belarusbank, primarily offer accounts in foreign currency with extremely low interest rates. BNB-Bank, Alfa-Bank, BSB Bank, and Belinvestbank provide various account maintenance and service fees for foreign currency accounts; however, explicit interest rates on BYN (Belarusian ruble) deposits are not mentioned.
For precise and up-to-date information on interest rates for BYN deposits in different banks, it's recommended to consult each bank's official website or latest financial disclosures, as banks may offer variable interest rates based on deposit term and amount.
It should be noted that the banks' offerings primarily focus on foreign currency accounts with low interest rates and service fees, while detailed ruble deposit product rates remain undisclosed in accessible sources.
In light of the shifts in financial products, many businesses operating in Belarus might need to adjust their personal-finance strategies due to the altered deposit rates. For instance, the interest rate on Bank VTB (Belarus)'s "SuperSeven-online" deposit has increased, whereas Bank BelVEB has decreased rates for several of its deposit products. However, as various banks do not openly reveal detailed interest rates for Belarusian ruble deposits, it's essential to consult each bank's official website or financial disclosures for accurate and current information.
