Deposit zone: the share of short deposits has reached a record level
The share of short deposits has reached a record high of 30% of the total savings portfolio, the Central Bank told Izvestia. The volume of such deposits increased by 60% over the year, to 16 trillion rubles. This is unprofitable for the state, because the authorities are fighting hard to attract long-term money into the economy. Such deposits allow banks to issue long—term loans, primarily for investment projects, mortgages, and investments in industry and infrastructure. Now the system works mainly for short periods of time, which slows down the development of the economy. How the predominance of short deposits affects business development is described in the Izvestia article.
Why don't Russians open long-term deposits
By the end of August, the share of short deposits for up to 180 days in the total volume of ruble savings approached 30%, the Central Bank told Izvestia. This is a record level — it is one and a half times higher than at the beginning of 2025, according to the regulator. Experts see this as a problem for the economy, because too much short-term money reduces opportunities for the development of long-term projects.
At the same time, this share may exceed the average level for the largest banks. Thus, Sovcombank has 75% of its portfolio of short deposits, VTB - 55%, and Dom Bank.Russia" — 44%, representatives of the organizations specified. In Novik Bank, the figure reaches 41%, and in Postbank — 33%, their press services said. Izvestia has sent inquiries to other major credit organizations.
— Short deposits, especially for three months, are now most in demand among depositors, — said Anna Kambulova, Senior Managing Director of Sovcombank.
Rates on short-term deposits are now significantly higher than on long-term deposits, as the market expects a reduction in the key rate, the Central Bank's press service noted. Citizens respond to these forecasts and prefer to deposit money for a short period of time.
The growth in the share of short deposits means that in the coming months a significant amount of deposits will come to an end, the press service of Novikom Bank said. Credit institutions will prepare for this by offering customers new products and favorable prolongation terms. This will increase competition for the savings of the population.
The Bank of Russia notes that the situation does not cause serious concerns: most short-term deposits are extended after the expiration date and remain in the system. In addition, banks still have a significant reserve of liquid assets — about 27 trillion rubles as of September 1, 2025, which allows them to cover a possible temporary outflow of funds.
Nevertheless, the predominance of short-term liabilities poses risks to the liquidity of the banking sector and may worsen compliance with some regulations, said economist Andrei Barkhota. This limits the ability of banks to fulfill their key function — to channel citizens' savings into long-term investments. With a short resource base, lending to large projects becomes impossible, which hinders economic growth.
The volume of short deposits in August reached 16 trillion rubles, according to the Central Bank. This is more than double the figure for the same period last year, when it was only 6.9 trillion rubles. The total volume of ruble deposits in banks now reaches 58 trillion rubles. This is almost a quarter more than a year earlier.
How short deposits affect economic growth
To combat inflation, the Central Bank is trying to slow down consumer spending and lending in order to reduce overall demand. The key one works in two ways: high interest rates make loans more expensive and less affordable, and deposits more profitable, so people save more and spend less. The predominance of short deposits with high interest rates further limits the ability of banks to issue loans, which further cools the economy.
Investment projects in the real sector require long-term investments, said Boris Kopeikin, chief Economist at the Stolypin Institute of Growth Economics. When building a factory or building a new aircraft, funds must be invested for years, and sometimes decades. If there is a risk of early withdrawal of capital, the project becomes too risky and often does not start.
The economy needs long—term money - stable resources with predictable value for years to come, said Oleg Abelev, Head of the Analytical Department at Rikom-Trust. Short deposits are less reliable: they can quickly leave the system, which makes them a weak basis for investments and long-term projects.
The growing share of short-term money worsens the liquidity of banks and reduces their ability to provide long-term loans, said Sergey Zaversky, Head of the Analytical Research Department at the Institute for Integrated Strategic Studies. This leads to a reduction in the availability of long-term loans and an increase in their cost.
Banks take funds from the public for a short period of time, and give them to businesses and citizens for a long time, Oleg Abelev noted. This transformation increases liquidity risks and leads to higher interest rates on long-term loans, as banks impose an additional risk premium. As a result, the requirements for borrowers are getting tougher — lenders select clients more carefully, require more collateral and an impeccable credit history. The growing share of short-term money directly hinders economic development through limited lending, the expert emphasized.
In this situation, the economy is supported by preferential loans from the state with more favorable rates, but they are not available to all categories of businesses, Andrei Barkhota noted. In addition, the way out may be to place your own shares on the stock exchange — the sale of a company's stake to shareholders allows you to raise funds even during a period of high interest rates.
The lack of long-term money remains one of the key problems of the Russian economy, Boris Kopeikin emphasized. Their shortage is compensated by government support through development institutions, which increases the burden on the budget and taxpayers. In developed economies, the main source of long—term resources is pension and insurance savings, which cannot be withdrawn quickly, but these segments are still poorly developed in Russia.
The Central Bank is highly likely to keep the key rate at 17% per annum at a meeting in late October, said Vasily Kutyin, Director of Analytics at Ingo Bank. If inflation starts to stabilize in December, a symbolic rate cut to 16% is possible, he added.
At the same time, the share of short deposits will decrease significantly only when the key interest rate drops below 14%, Andrei Barkhota noted. This will also be influenced by customer expectations: if the population is confident that the rate has reached a stable level, they will begin to open deposits for longer periods.
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