... each month but adds it to the principal amount of the deposit. Consequently, interest will also accrue on the interest. A bank deposit can be opened not only by visiting the bank in person but also online. Several financial institutions offer higher rates for deposits initiated online. Hence, depositors can save both money and time, avoiding long queues and the inconvenience of visiting multiple banking locations. The size of the interest rate is directly correlated with the deposit amount and the duration ...

... uncertain times. Frozen Deposits in Russia: How Real Is the Risk? How to Protect Your Savings Amid High Interest Rates With the Central Bank of Russia raising its key interest rate to 21% and forecasts suggesting it could climb to 23% by December, high deposit rates have become attractive for many Russians. Deposits are widely considered a reliable way to preserve capital. However, rising interest rates have sparked rumors of potential deposit freezes, leaving depositors uneasy. Let’s examine the likelihood ...

... their own potential pitfalls that are best understood in advance. It is important to recognize that exceeding the refinancing rate will incur tax liabilities for the individual, specifically concerning personal income tax (PIT). For instance, if the deposit interest rate exceeds the refinancing rate by 5%, the individual will owe a 35% tax on the difference. Moreover, it is crucial to thoroughly review the agreement before signing it. The contract outlines the rights and responsibilities of the parties, the deposit ...

... institution's staff; managers may be disinclined to inform clients about all tricky aspects. Assess financial capabilities. Consider the period for which funds can be deposited. If the money won't be needed in the next few years, one might opt for a long-term deposit to secure the maximum interest rate. If there's a possibility that the funds will be needed sooner, the agreement should only be for a few months. This approach helps avoid premature withdrawal penalties and the potential loss of accrued interest. Currency choice. For long-term deposits,...

... portfolios totaling 1 million ₽. Bank Deposits and Accounts Yield. Ruble deposits remain one of the conservative instruments: major banks offer rates around 16–24% per annum (depending on the term). According to the Bank of Russia, the weighted average rates for deposits of 6–12 months reached approximately 23.5% by fall 2024. Long-term deposits over a year often yield slightly less (around 20–22%). Foreign currency deposits in dollars/euros usually offer a single figure (2–4%) but involve currency risk....