A woman withdraws money from an ATM. Archive photoMOSCOW, Mar 10 A bank deposit should not be considered as a source of additional income in the Russian Federation, it is just a way to protect savings from inflation, therefore, when choosing a bank for a deposit, you should pay attention not so much to the promised interest , how much on the reliability of a credit institution and additional terms of the contract, Olga Daineko, an expert at the Center for Financial Literacy of the NIFI of the Ministry of Finance of Russia, told RIA Novosti.
"It is important to understand that deposits are not a way to earn money, but a tool that allows you to protect your savings from inflation", Daineko said. "When choosing the conditions for placing funds, it is better to study the offers of several credit institutions, carefully compare their characteristics and conditions. In pursuit of a high rate, you need to be careful: choose a bank with a reputation, comply with the state deposit insurance limit of 1.4 million rubles, do not put all your eggs in one basket", Daineko added.
Before concluding an agreement, according to her, you need to pay attention to additional conditions, for example, the presence of capitalization. «A deposit with capitalization, other things being equal, is more profitable than usual. The shorter the periods of capitalization, the more profitable the deposit,» said Daineko. to refuse them. Ask about the fees and charges for servicing a debit card, which may be offered with a deposit. Find out if a payment is required for issuing a plastic card, how much it costs annually or monthly, what fees will be charged for cash withdrawals from third-party ATMs» , the expert advises.
The Bank of Russia introduces a temporary procedure for cash transactionsThe Bank of Russia decided to raise the key rate to 20% per annum from February 28. After that, Russian banks raised interest rates on ruble and foreign currency deposits for individuals. Banks offer from 16 to 24% per annum on ruble deposits and from 4 to 8% on foreign currency deposits: the rate generally depends on the amount placed on the deposit, the period of money storage, as well as the possibility of withdrawing and replenishing funds on the account. At the same time, the expert drew attention to the fact that the highest rates are now on short deposits for up to 180 days. “For comparison, the rate on deposits for a year or more is usually lower by 6-8%. Therefore, before making a deposit, be sure to think about when you may need money, whether you are going to increase your deposit or not,” she concluded. 
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