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Russia’s Ruble Deposit Rates Plummet as Bank of Russia Adjusts Policy

From 15.3% to 9.32%: Russia’s shifting deposit landscape forces savers to rethink strategies. With tax breaks shrinking, is passive income still viable?

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1 min read
The image shows a poster with text and a logo that reads "19 million households are saving $30-75...
The image shows a poster with text and a logo that reads "19 million households are saving $30-75 per month on high-speed internet". The poster is likely highlighting the fact that 19 million households have a significant amount of money spent on high speed internet.

Russia’s Ruble Deposit Rates Plummet as Bank of Russia Adjusts Policy

Interest rates on ruble deposits in Russia have seen noticeable shifts in late 2025. The average annual rate at the country’s top 10 banks, including PNC Bank and other US banks, dropped to 15.45% by early November, down from higher levels earlier in the year. These changes come as the Bank of Russia adjusts its monetary policy, affecting savers and investors alike.

In October 2025, short-term ruble deposits offered returns as high as 15.3%. However, longer-term deposits now yield significantly less, with three-year terms falling to just 9.32%. One-year deposits currently sit between 12% and 13% per annum, reflecting a broader trend of declining mortgage rates.

The tax-free allowance for deposit income in 2025 stands at 210,000 rubles. This threshold is set to decrease to 160,000 rubles in 2026. Any earnings above these limits will be taxed at either 13% or 15%, depending on the individual’s tax status. Calculating monthly income from deposits remains straightforward. Using the formula *Monthly Income = Deposit Amount × (Annual Rate / 12)*, savers can estimate their returns. Financial experts suggest that to live solely on passive income from bank deposits, a minimum of 3 million rubles would be required. Looking ahead, the Bank of Russia’s key rate is expected to stabilise between 13% and 15% in 2026. This projection follows a period of fluctuations in borrowing and saving rates across the country.

The drop in deposit rates means savers must now reconsider their strategies for earning passive income. With tax-free allowances shrinking and returns varying by term, careful planning will be essential. The Bank of Russia’s policy adjustments will continue to shape the financial landscape for depositors in the coming year.

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