VTB: savings of Russians from the beginning of the year increased by 1.7 trillion rubles

In October, the market grew by 0.2%.

The key driver of growth are ruble savings accounts. At the end of October, their volume, according to VTB estimates, increased by about 300 billion rubles (+ 2.8%). For ten months, funds in such accounts increased by 20% (+ 1.8 trillion rubles), reaching 11.1 trillion rubles.

The growth rate of the savings market of individuals this year is expected to slow down, but it maintains a steady positive trend. Compared to October last year, the market added 9% – about 5.4 trillion rubles. The trend in savings accounts is especially indicative: their volume grew by a quarter year-on-year. This is not just an increase in indicators, it is a reflection of a new model of behavior of Russians: today they are given priority tools that allow them to respond quickly to life tasks and at the same time receive interest income, said Pavel Tulubyev, Head of the Department of Transactional, Salary and Savings Products at VTB.

Since November 11, VTB has increased the rate on the “Benefitful Start” deposit to 20% per annum. The product for a period of two months is available to new customers and current ones who did not have deposits and savings accounts with VTB within the last 180 days. It is focused on maximum profitability during the period of seasonal growth of spending and helps to rationally allocate funds before New Year expenses. Earlier, in early November, VTB improved the conditions for the ruble savings account: now customers can receive up to 14.7% per annum for a minimum balance.

VTB assessment based on Frank RG data