What deposit rates do banks offer amid changes in inflation and the base rate.
Bank deposits remain the most preferred form of saving and increasing funds for the majority of Kazakhstanis and most enterprises. Over 2024, the total volume of deposits at second-tier banks grew by 21%, reaching 42,492.5 billion tenge, with the deposits of the population forming the major part of the deposit base. As of the beginning of January 2025, the total volume of the population's deposits increased to 24,553.2 billion tenge, constituting 57.8%.
The steady interest of the population in deposits as a saving tool is due to the simplicity, reliability, and competitive profitability of this product, especially amid rising inflation and changing interest rate structures. Modern technologies have significantly enhanced the accessibility of banking services.
Confidence among bank deposit holders increases the security of deposits, as their preservation in a certain amount is guaranteed by law through the banks' participation in the deposit guarantee system. Bank deposits also boast attractive returns. In the context of the National Bank's moderately tight monetary policy, even with a reduction in the base rate, bank deposit rates remain comparatively high and profitable, allowing both temporarily free funds and large savings to be placed advantageously and safely. In December 2024, the average rate for individuals' deposits across all types was 15.25% against an annual inflation of 8.6%. The real return was 6.65% - a quite acceptable income for passive conservative investments.
Notably, savings deposits showed the greatest base growth. They grew by 92%, reaching 3,000.2 billion tenge. As demand for the savings deposit segment grew, their share in total deposits increased year-on-year for 2024 from 4.7% to 7%. The rise in popularity of savings deposits is related to their attractive features. This is a non-redeemable deposit with the highest interest rate among tenge deposits. It is best suited for those looking to place money for a long period without accessing it during the deposit period. Savings deposits are most popular among the population, with retail depositors making up 95% of the savings deposit base.
In January 2025, the inflation rate in the Republic of Kazakhstan increased to 8.9% annually (compared to 8.6% in December 2024). In line with inflation, banks offer clients attractive returns on savings deposits. Moreover, the guarantee amount for savings deposits is twice as high as for other types of tenge deposits and four times higher than for foreign currency deposits. The most advantageous deposit segment for individuals in January was short-term deposits of 3, 6, and 12 months, which offered higher rates. As of March 4, 2025, the average weighted interest rate on tradable savings tenge deposits for individuals with a right to additional contributions for up to 3 months was 14.84% APR; for 6-month deposits - up to 15.79% APR, and for 12-month terms - 13.73% APR. Deposits without the right of replenishment offer higher rates: up to 3 months 17.12% APR; for 6-month deposits - up to 17.46% APR, for 12-month terms - 16.07% APR.
Nurbank offers to place temporarily available funds in savings deposits with different investment goals. The “Nur Altyn Savings” deposit, without the right of replenishment, helps easily save up for a purchase. This deposit is designed for those who do not plan to withdraw money shortly and want to gain high profits from interest. It can be opened in tenge at a rate of up to 17.5% APR (annual rate of 16.2%) provided savings are kept for 3 months. This deposit has an increased guarantee from the Kazakhstan Deposit Insurance Fund (KDIF) up to 20 million tenge. For interest rates, “Nur Altyn Savings” for 6 months offers returns of up to 17% APR (annual rate of 15.8%), and for savings over 12 months - up to 15.9% APR (annual rate of 14.84%).
The “Nur Altyn Savings” deposit with replenishment rights is offered to clients who do not plan to withdraw money shortly but want to top up the account and earn a high income. The deposit provides for monthly capitalization with a maximum guarantee amount of up to 20 million tenge. It can be opened at a rate of up to 16% APR (annual rate of 14.9%) provided savings are maintained for 3 and 6 months. For 12 months, “Nur Altyn Savings” yields returns up to 14% APR (annual rate of 13.2%).
Nurbank’s more flexible product is the “Nur Altyn Optimal” deposit. It is a versatile deposit product that allows for additional deposits or partial withdrawals within the unsustainable balance. The deposit can be opened in three currencies - tenge, euros, and US dollars, with a minimum opening amount of 5000 tenge or 25 dollars/euros. Capitalization without withdrawing part of the money is possible: interest can be credited monthly to a current account or added to the deposit amount, enhancing future calculations. “Nur Altyn Optimal” is among the deposits offering high savings conditions in the deposit market. Opening a deposit for 6 and 12 months in tenge will yield up to 14.8% APR (annual rate of 13.87%).
Overall, the deposit market shows high growth indicators. Besides the retail deposit base, significant shifts are occurring in the corporate deposit segment. In 2024, such deposits grew by 22.3%, reaching 17,934.1 billion tenge. Nurbank attributes the growth to the attractiveness of deposits for SMEs and corporate businesses as an investment tool. Deposit products primarily ensure an optimal risk-reward ratio amid financial market volatility. Current deposit returns are above inflation, allowing not only to preserve but also to multiply capital.
Nurbank offers corporate clients and SME representatives a range of deposit products. The “Convenient” and “Optimal” deposits with flexible structure (withdrawals and replenishments with a minimum residual balance) are in demand among Nurbank’s corporate clients. For these deposits, there are several placement options: short-term up to 1 year and long-term - with a placement term of more than one year. For managing short-term liquidity, Nurbank offers clients - legal entities a short-term deposit - “Nur-Comfort” with the option to place money for several days. The deposit term is from 1 to 28 days in tenge with an annual return of 13-14%, APR 13.9-15%. “Nur-Comfort” allows earning additional income during the period when the client’s account has free funds.
As of March 7, 2025, the National Bank raised the base rate to 16.5% annually. In the previous two months, the rate remained at 15.25%. The last time the base rate was at 16.5% was in August 2023, after which it gradually decreased until December 2024. Additionally, starting from this month, the Kazakhstan Deposit Insurance Fund (KDIF) will cease setting maximum rates for tenge deposits. As a result, banks will be able to set interest rates on deposits themselves based on market conditions and their strategy.
Overall, a strengthening trend of increased competition between banks for attracting funds from large enterprises and government organizations can be noted. This will lead to the emergence of more individualized deposit products that take into account the specific needs of corporate clients in liquidity management and treasury operations.
Source: https://dknews.kz/ru/finansy/354755-novyy-etap-razvitiya-depozitnogo-rynka-kazahstana