The Deposit Guarantee Fund of Kazakhstan has published its report on interest rates for deposits opened in tenge for October. This was reported by Qazaqyia.kz citing Sputnik Kazakhstan.

Earlier, the National Bank decided to lower the base rate to 15.75%. Following this, 9 banks changed their deposit interest rates.

Banks revise rates

For term deposits with the possibility of replenishment, two banks raised interest rates, one, on the contrary, lowered it, and another bank, depending on the deposit term, raised one rate and lowered the other.

For savings deposits with the possibility of replenishment, four banks lowered the rate. For savings deposits without the possibility of replenishment, two banks lowered the rate, while one, on the contrary, raised it. And for demand deposits, interest rates did not change.

What is the maximum rate?

According to the Fund's data, today the maximum rate on savings deposits with the possibility of replenishment is 19.56% per annum. And on deposits without the possibility of replenishment, one can earn 19.50% per annum. For term deposits, the maximum rate is 19%.

«The segment of savings deposits without the right to replenishment traditionally offers the highest yield in the retail deposit market. This, in turn, compensates for the lack of replenishment possibility and strict restrictions on early withdrawal. Therefore, the revision of rates occurred primarily in this segment,» say Fund specialists.

What changes to expect until the end of the year

The National Bank will announce its next scheduled decision on the base rate on December 4. However, the probability of it changing again before the end of 2026 is low.

«Therefore, until the end of the year, one can expect the retail deposit market to be conditionally stable. At the current moment, banks, before making adjustments to rates and conditions on their deposits, may be waiting and evaluating the actions and decisions of the financial regulator and competitor banks,» experts said.

It is worth noting that each bank sets interest rates on its deposit products in accordance with its internal deposit policy.