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Russians will allocate up to Rub200bn from closed deposits to new mortgages
This spring, VTB clients received a record high interest income on deposits - about 140 billion rubles. According to the bank, the most part of funds from closed deposits will be re-deposited, while up to 200 billion rubles will be used for satisfying the deferred demand for residential property purchases this summer. This was announced by Anatoly Pechatnikov, Vice President-Deputy Board Chairman, VTB Bank.
In the spring, deposits and savings accounts were in high demand with the population. Since early spring, VTB clients have deposited about 3.5 trillion rubles in classic accounts. As a result, the portfolio of ruble deposits and savings accounts in the bank (with outflows taken into consideration) increased by 750 billion rubles over the three months, and the total portfolio of classic savings in all currencies reached 4.8 trillion at the end of May, which is comparable to the figures at the end of February. Notably, three-quarters of savings products were opened online.
Record high interest rates on ruble deposits and savings accounts, which exceeded 20% in March, allowed VTB clients to receive record high income on deposits of about 140 billion rubles within three months by the end of spring. The average yield on savings products in March-May was 4 times higher compared to the same period last year: 16% versus 4%. On average, customers held about 500 thousand rubles on one savings product in the spring.
According to VTB forecasts, the bank's customers will re-deposit most of the funds from closed deposit accounts onto new ones, which will remain leaders among savings instruments in terms of liquidity and profitability. Besides, a certain part of money from deposits and savings accounts will be used to solve the housing problem. According to the bank's estimates, as for the Russian market in total, the population can use savings of up to 200 billion rubles over the summer to make mortgage down payments.