1 month, 3 months, 6 months, 1 year… Interest rates have been updated, the most profitable one has been announced!

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Lerato Khumalo

Markets’ predictions for the Central Bank’s first interest rate cut have been extended to next year. Thus, expectations that the demand for deposits will remain strong have strengthened. Following the latest developments, banks started to update their deposit interest rates. There was a significant difference in the interest rates offered to old and new customers in the new campaigns.

Short-term deposit interest rates for banks’ existing customers dropped to the 44-49 percent range. In campaigns aimed at gaining new deposit investors, the interest rate rose to 54 percent.

The Central Bank announced the weighted average interest rates applied to deposits opened by banks.

According to CBRT data, as of September 27, average interest rates were as follows:

Interest rate up to 1 month maturity is 54.84 percent

59.48 percent for up to 3 months maturity

50.53 percent for up to 6 months maturity

50.20 percent for term up to 1 year

Interest rate for 1 year and longer term is 39.27 percent