OREANDA-NEWS. November 21, 2014. Sberbank of Russia announces that it increased interest rates of Russian rouble savings certificates for individual clients.

Interest rates for saving certificates have been increased by up to 2.70 percentage points.

“Sberbank’s saving certificates are a great way to save money and are popular in Russia,” commented Natalia Alymova, Director of Sberbank of Russia’s Non-Transaction Retail Product Department. “This financial instrument is even more appealing now that interest rates have been increased.”

A savings certificate is a bearer security. Like fixed-term deposits, savings certificates are intended for saving and accruing funds, although at a higher yield than on deposits. The certificates have higher interest rates because unlike Sberbank’s deposits, they are not part of the deposit insurance system.

Sberbank’s saving certificates account for approximately 95% of the bearer savings certificate market. Since the start of 2014 Sberbank’s certificate portfolio has grown by 5% to RUB 362 bln. Sberbank’s clients hold more than 1 million savings certificates.