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Banks launch "combo deposits" with rates up to 28%
According to the press service of Sberbank, participants in the Long-Term Savings Program (LTSP) will have access to deposits with an interest rate of 25% per annum from November 1. VTB Bank announced at the end of October that it had increased the yield on these deposits through the LTP to 28% per annum. Gazprombank increased it to 26%, while in September, when such deposits were just appearing on the market, it offered 23%.
"The practice of combining products in banks is very common and may concern not only pension savings, but also brokerage products," ACRA Managing Director Valery Piven told Rossiyskaya Gazeta. That is why banks want to attract additional funds within the PDS, says Banki.ru Senior Analyst Bogdan Zvarich. According to Piven, this increases stability. Experts say that even if the Bank of Russia softens monetary policy, the bank may offer to raise interest rates for a limited period and continue this strategy.
Maximum interest rates are often offered for minimum periods, and deposit amounts are limited to the amount you contribute to the long-term savings program.
Despite all the advantages of the PDS, co-financing of state deposits and the proposed tax benefits, citizens are now inclined to place their funds in short-term deposits rather than long-term investments, explained Associate Professor Mary Valishvili. Department of State and Local Finance, Russian University of Economics. G.V. Plekhanov.
That is why "combined deposits" seem to be stimulating the program. "First of all, these products began to be offered by banks in partnership with non-state pension funds (part of the bank's own structure. - Ed. RG), which received the right to manage the participants' money on a long-term basis. - a long-term savings program," the expert says.
The conditions for depositing money into a bank are generally similar. Firstly, it happens in the office. There are three periods to choose from: 3 months, 6 months and 1 year. As a rule, the maximum interest rate is provided for the minimum term. This will simply bring the bank more profit. For example, for VTB, the interest rate of 28% per annum is valid for 3 months. In the long term, the yield will be 22% per annum.
For example, at Sberbank the interest rate of 25% is the same for both 3 months and 1 year. At Gazprombank it varies from 26% to 22.5% per annum. If in addition to the long-term savings program you also open a life insurance policy, the maximum interest rate on these deposits can reach 27% per annum.
In other words, the offers have become like supermarket promotions. "2 for the price of 1" or "3 for the price of 2." Despite the high interest rates, the circle of potential investors is very limited. "The increased interest rate is usually charged on deposit amounts that do not exceed the amount of funds deposited in the PDS," says Zvarich.
The minimum deposit amount is limited to 30-50 thousand rubles. The terms also state that the maximum amount should not exceed the initial contribution amount to the PDS. You will have a short period of time to open a deposit, from 10 to 14 days. At Sberbank, if the deposit amount exceeds the amount in the PDS account, the interest rate is halved to 12.5%. This amount will also decrease if you terminate the long-term savings agreement. At VTB and Gazprombank, it falls almost to zero, as does early closure of deposits.
Currently, the PDS is based mainly on state tax incentives and co-financing. Therefore, not everyone wants to invest more money than is necessary to receive benefits. The main thing is to reach the limit, when the state adds rubles to the participant's investment. However, it is possible to receive up to 360 thousand in the form of co-financing from the state and benefits, as well as unfrozen pension funds.