Only third of banks draw deposits from low income population in Kazakhstan

Baku, Azerbaijan, Mar. 31

By Elena Kosolapova - Trend:

Only ten of 32 banks drawing the population's deposits have set an initial installment of up to 10,000 tenge (KZT 185.5 = $ 1) in Kazakhstan, Ranking.kz. analytical service said March 31.

"There are special storage systems for low-income depositors," the statement said. "Ten second-tier banks (13 products) offer deposits worth less than 10,000 tenge."

Three of them (Eximbank, CenterCredit, Bank Astana) allow opening a savings deposit with no restrictions on the minimum amount. Two more banks (Cessna and Home Credit) set a symbolic sum of opening a deposit - 1,000 tenge.

The most popular term for such deposits is one year. In general, the term varies from one month to three years on the market. The minimum base interest rate with a term of one year is six percent. The maximum and the most popular base rate is ten percent, while an average rate - 9.2 percent.

The average monthly wage throughout Kazakhstan totaled 120,600 tenge in 2014, while this figure was less than 100,000 tenge in seven regions of the country. Moreover, the wage is lower than the average in 12 regions of Kazakhstan (in all non-oil provinces).

The volume of bank savings per citizen of Kazakhstan stood at 224,700 tenge as of December 2014. It is equal to 1.9 of the average monthly wage in Kazakhstan and 2.4 of the average monthly wage for the non-oil regions.

Edited by CN
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Follow the author on Twitter: @E_Kosolapova

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