Deposit interest will rise in Sep in Kazakhstan
Photo © Adilbek Tauekelov / Kazpravda.kz
The Kazakhstan Deposit Insurance Fund (KDIF) has approved the maximum recommended interest rates for deposits in tenge for September 2021, Kazpravda.kz refers to the Fund's press service reporting.
Thus, according to the Fund, the maximum rates on non-fixed deposits remain at the same level due to the observed decrease in the average level of market rates of banks.
The maximum rates on time and savings deposits for 3 and 6 months were increased by 0.3 percentage points following a rise in the base rate, which is in line with the potential response of market rates of banks, taking into account the growing trend in the attractiveness of these types of deposits.
In addition, the increase in rates on short-term deposits (term and savings for 3, 6 months) will stimulate the growth of stable funding and smooth out the negative impact on lending due to availability of conditions for the re-registration of already open deposits.
The rates on long-term deposits (term and savings for 12, 24 months), which depend on the market, remained unchanged.