Kazakhstan changes recommended rates on national currency deposits

Finance Materials 4 May 2020 15:41 (UTC +04:00)
Kazakhstan changes recommended rates on national currency deposits

BAKU, Azerbaijan, May 4

By Nargiz Sadikhova - Trend:

Kazakhstan Deposit Insurance Fund (KDIF) has reconsidered maximum recommended rates on tenge denominated deposits for June, 2020, Trend reports with reference to the KDIF.

The maximum recommended rate on non-urgent deposits in June will be 11 percent. Rates of deposits for three and six months with ability to add funds - 11 percent, whereas for deposits without such option - 11.5 percent.

In turn, the rates on savings deposits for similar periods will amount to 12 percent for deposits with replenishment option and 12.5 percent for deposits without replenishment option.

Additionally, maximum recommended interest rates on savings deposits for 12 months with replenishment option in June will decrease to 12.8 percent. Rates on time deposits placed for 12 and 24 months with replenishment option will decrease to 10.5 percent and 10.3 percent, respectively, for those without replenishment option it will be 11.2 percent and 11.1 percent.

The maximum recommended rates on savings deposits placed for 24 months with the replenishment option will increase to 12.9 percent, whereas for those without the replenishment option placed for a year and two years it will be 14.9 percent.

“Overall savings deposits will remain attractive to bank customers in June 2020 and will bring more income (from 12 percent to 14.9 percent) than any other deposit,” KDIF said.


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