Kazakh banks continue to reduce deposit yields following the National Bank's cut in the base rate. This time, Eurasian Bank and Home Credit Bank have announced changes to their terms. After the adjustments, the maximum yield on several popular deposits will drop below 20%, according to infohub.kz.
Starting August 7, 2026, Eurasian Bank will lower the rate on its three-month TURBO Deposit Savings with top-up option. The changes will affect new contracts and deposits that are automatically renewed after this date.
The nominal rate will decrease from 18.52% to 17.84% per annum. The effective annual rate (EAR) will drop from 20-20.02% to 19.2-19.23%. The deposit term and top-up option remain unchanged.
Home Credit Bank has also announced rate cuts. From August 5, the yield on the three-month "Savings Home+" deposit will decrease from 20% to 19.6% EAR. The same rate will apply to VIP clients for the six-month "Savings Home+" deposit.
The rate cuts come amid monetary policy easing. In June and July, the National Bank lowered the base rate twice, from 18% to 16.75%. Following this, more than 13 banks have revised their deposit terms.
Home Credit Bank was among the first to reduce deposit yields back in June. Household deposits remain a key source of funding for lending and other operations.
Earlier, Kursiv reported that Kazakhstani residents had accumulated a record 30 trillion tenge in deposits.