The growth of bank deposits of the population in Russia slowed down in September 2025 to the lowest level in the last three years. According to the Central Bank, Russians only added 67 billion rubles (≈ 670 million euros) to their bank accounts, which brought the total savings to 62.7 trillion rubles (≈ 627 billion euros). August had seen a similar increase of 70 billion rubles (≈ 700 million euros).
Excluding January — when expenses increase due to the holidays — September is the weakest month since August 2022. By comparison, in June and July 2025, deposits had increased by over 700 billion rubles (≈ 7 billion euros) per month, and since the beginning of the year, accumulations amounted to 4.9 trillion rubles (≈ 49 billion euros).
Currently, the total volume of deposits generates estimated monthly interest of about 0.5 trillion rubles (≈ 5 billion euros). However, the total increase in deposits is less than the sum of the accumulated interest, which means that the population, as a whole, is no longer adding new money, but withdrawing from savings.
According to analysts at “Дом.рф”, this reflects a clear decrease in saving activity. If in August the Central Bank blamed the holiday season and the expenses for the beginning of the school year, in September the institution no longer offers explanations and merely notes “a modest dynamic” for the second month in a row.
The decrease in the appetite for saving could be linked to several causes: stagnation of real wages, double-digit inflation, loss of confidence in the banking system, or the acute need for liquidity among households. Meanwhile, the government is trying to attract the population’s savings by selling state bonds, against the backdrop of a record budget deficit.
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