Over the year, the deposit portfolio of Kazakhstani banks grew by 23.2%. According to the latest data from the National Bank, while at the beginning of September 2020, deposits amounted to 17.8 trillion tenge, by the first of September 2021, it was 21.9 trillion tenge. Currently, the largest part of the funds is concentrated in personal accounts – 12.2 trillion tenge – which is 55.6% of the entire deposit portfolio. The top 3 cities by volume of deposits are Almaty (9.9 trillion tenge), Nur-Sultan (4.2 trillion tenge), and Karaganda (886.1 billion tenge). The share of these cities in the total deposit portfolio is 68.6%. This is reported by the Kapital.kz business information center.
Dedollarization trend
In terms of retail deposits, tenge deposits remain the most in demand, as was the case a year ago. According to the National Bank, as of the beginning of September 2021, the share of deposits in the national currency reached 64.9% of the retail portfolio, while a year ago, this indicator did not exceed 59%.
The structure of retail deposits is dominated by term deposits – 83.7%, followed by demand deposits – 16.1%, and conditional – 0.2%. The popularity of term deposits is understandable; they usually have higher yields compared to other deposits. Based on the National Bank's data, in January-August 2021, average rates on term tenge deposits did not exceed 8.8%, while conditional deposits were at 3.3%.
You can start saving from 5,000 tenge per month
In Kazakhstan, such deposits can be opened in many financial institutions. Let's consider one of the banks that offer favorable conditions on deposits for individuals. In this bank, deposit rates are above the market average.
For example, in Nurbank, there are several types of deposits aimed at different goals. If you need to save for a vacation, renovation, or purchase of household appliances, then the "Nur Altyn Savings" deposit is suitable. The minimum amount to open the deposit is 5,000 tenge. Moreover, funds can be placed in both tenge and dollars. Funds can be withdrawn from this deposit only at the end of the term. With such an option and due to monthly capitalization, a significant amount can be accumulated in this deposit. The deposit is opened for a period of one to three years. The highest yield on an annual tenge deposit is 12.6%, with an annual effective interest rate (EIR) of up to 13.4%.
For depositors who wish to withdraw funds from the deposit not only at the end of the term, but at any time, the "Nur Altyn Optimal" deposit is suitable. To open this deposit, a small amount is also required: only 5,000 tenge, 25 dollars, or 25 euros. Such a deposit can be replenished at any time. In tenge, the yield on this deposit reaches 8.65% (EIR up to 9%) if you open it for 6 months or 1-2 years.
Usually, to pay for higher education at a Kazakhstani university for their child, parents have to take out a loan or seriously economize on their budget. An alternative option is to start saving for higher education now. For this, it is enough to open a deposit in Nurbank - "AQYL" in tenge. In addition to the fixed bank reward of up to 8.65% (EIR up to 9%), the state will annually provide a premium on the deposit amounting to 5% or 7% of the deposit amount at the time of the premium payment. You can open the deposit with only 3 MRPs, which is currently 8,751 tenge.
High demand for bank deposits is indicated by the figures. "Our bank's deposit portfolio increased by 48% over the year. This dynamic was primarily influenced by the rates on deposits that we offer. Our deposit rates are among the most attractive in the financial market. Currently, the bank has over 28,000 depositors who entrust us with their savings. Many of them have been our clients for almost 30 years, showing our stability and client trust," noted Nurbank's Managing Director Aydyn Yesmoldin.
The rate on deposits for legal entities reaches up to 11%
According to the National Bank, over the year, the volume of corporate deposits increased by 23.4%. As of the beginning of September 2020, companies placed 7.8 trillion tenge in deposits, while by the same date in 2021, it was 9.7 trillion tenge. The top 3 cities by volume of corporate deposits are Almaty, Nur-Sultan, and Atyrau.
Based on the National Bank's data, the average rate on term tenge deposits for legal entities is 7.2%.
In Nurbank, the yield on such deposits is higher than the market average. For example, the "Optimal" deposit in tenge offers a rate of up to 9% (EIR up to 9.4%). Such high returns can be achieved by placing 100 million tenge for 18 months or 2 years. The minimum deposit amount is 30 million tenge, 150,000 dollars, or 150,000 euros. The conditions for this product are flexible, allowing for both deposits and withdrawals.
Companies do not always manage to attract investors to expand their business or implement projects. Therefore, capital reserves can be formed through regular deposit contributions. To achieve high returns, the "Classic" deposit from Nurbank is suitable, where the annual effective yield on this deposit is one of the highest in the market – 11%. This can be obtained by opening a deposit in tenge for a period of 15-18 months and placing 100 million tenge. Replenishments and withdrawals are not provided. The bank also offers deposits such as "Nur-Komfort", "Investment", "User Fund", "Charter Capital", designed for various purposes of capital preservation for corporate clients.
Therefore, before opening a deposit, it is important to determine the purpose of preserving and increasing capital or savings. "Our bank will continue to strive to offer the most favorable conditions to our clients," noted Nurbank.