The banking sector is changing rapidly, as unreliable players are being absorbed or liquidated, the system of savings deposits is being reformed. Thus, the Kazakhstan Deposit Insurance Fund, designed to protect the savings of the population, on October 1, approved new recommended rates on retail deposits. Now rates are differentiated depending on the type, term, and the possibility of early withdrawal and replenishment of funds. Marginal rates on deposits range from 10.5% to 13.5%.
Even among the largest banks not all financial institutions are ready to offer long-term deposits to Kazakhstanis. Out of the TOP-10 banks, only 8 banks open deposits for a period of 3 years.
The minimum amount of deposit opening in the comfort savings segment, which allows depositors to replenish their deposits, varies from 0 tenge at Housing Construction Savings Bank, to 10 million tenge at Sberbank.
The most profitable rate on long-term replenishable deposits is offered by the Housing Construction Savings Bank at an effective rate of 13.3%. Also in the TOP-3 are Tsesnabank and ATFBank, but the effective rate is noticeably lower at 11.5% and 11.4%, respectively.
In addition to the highest effective rate segment in the housing savings system, contributions to the savings deposit are additionally rewarded by the state, as 20% are charged for an amount not exceeding 200 MCI. In the future, such contributions are the path to obtaining housing loans at low rates and a direct investment in real estate.
By the end of October, Kazakhstan’s retail deposits had already reached 8.4 trillion tenge, 4% more than a year earlier.
Among the 8 banks offering long-term savings products, the largest annual growth in the volume of deposits of individuals was recorded at Housing Construction Savings Bank at 19.2% or 93.7 billion tenge, to 581.8 billion tenge.
Bank CenterCredit is on the second place with an increase by 9.6% on-year, up to 559.5 billion tenge, and Eurasian Bank is on the third place at plus 9.4%, up to 379.7 billion tenge in October.
We note that another 2 banks from the largest TOP-10 of retail deposit holders - Halyk Bank and Kaspi Bank - are also in a significant plus: Kaspi Bank increased its portfolio by more than a quarter on-year, and Halyk Bank almost doubled due to absorbed Kazkommertsbank. However, these STBs do not offer their customers long-term deposits in the segment under consideration.
Reported by Ranking Kazakhstan.
