Russians Have Started To Reduce Deposits In Banks

For the first time since 2022.

Funds on term deposits of Russians in banks decreased by 288 billion rubles in March, the analysis of RBC showed, this is the first outflow of funds specifically from deposits since October 2022, when people were in a panic of mobilization. As a result, the total size of Russians' funds in banks grew by only 0.3% over the month, and only at the expense of current accounts, the Russian Central Bank noted. According to its data, the strongest decrease was in long deposits, for a term of more than a year.

At first of all, experts name among the reasons for the decline in interest rates, due to which part of savings is flowing into other financial assets, or spent on the purchase of expensive durable goods, as well as people's need for cash due to Internet shutdowns and problems with cashless payments. Car sales rose 30.6% year-on-year in March and 15.1% in April after falling in January-February, while the amount of cash on hand among Russians rose by 0.3 trillion rubles and another 0.6 trillion in April.

The bulk of the money Russians keep in banks is in deposits: 46.9 out of 67.4 trillion rubles as of April 1, according to the Central Bank. But people have not been carrying new money into deposits for a long time, the Frank RG study showed. In 2025, the situation of the savings market (time deposits and current accounts of citizens) grew almost entirely due to accrued interest - 15.5%, and the inflow of new capital provided only 0.4% of growth. A year earlier, interest accounted for about 60% of the total growth.

The Civil Code allows people to withdraw money at any time, even from a time deposit, and only the interest is lost. However, the term of most deposits of Russians is less than half a year, it is enough to wait for it and not open a new one. Deposits for more than a year that expired in March were probably opened in late 2024 - early 2025. At that time, deposit rates were at their peak, and now they have returned to the level of November 2023.

On the background of high rates last year, the share of income going to savings (savings rate) reached a historic high of 16.6%, but as rates fall, the savings rate will also decrease, and more funds will go to the consumer market, argues Minister of Economic Development Maksim Reshetnikov. The process of gradual dissolution of excess savings is present, noted economist Egor Susin. We can talk about small overflows of part of savings in the demand for cars, but as rates fall, it should happen, he believes.

The Frank RG survey showed that 27.5% of Russians will not give up deposits even with a decline in profitability, 24.8% in such a scenario will consider alternative products, and 21.2% will start spending accumulated savings.

The level of rates on deposits came close to inflationary expectations of Russians. "It is too early to say that deposits have lost their attractiveness. But the fact that it is declining is a fact," MMI analysts wrote, expecting that depositors' interests will shift to the stock market, durable goods and housing.

Russians are increasing their investments in bonds. In March, they bought corporate bonds for 139 billion rubles, in April for 157 billion rubles and another 80 billion rubles worth of OFZs, becoming the largest buyers of bonds. The Central Bank has not yet summarized the results of April, but according to preliminary data, the outflow of funds from deposits has stopped, but there is no question of an inflow. New inflows to the accounts and deposits of Russians, according to the Central Bank estimates, amounted to 1.2 trillion rubles, but this is the result of early social payments before the May holidays. The inflow of ruble funds of the population to banks accelerated due to current accounts, says the Central Bank, but "the balances in the term segment did not change significantly".

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