Nine banks in Kazakhstan changed their deposit terms in October, with interest rates now ranging from 4.5% to 19.5% depending on the type of deposit and its term, infohub.kz reports.
The benchmark for second-tier banks was the base rate of the National Bank of the Republic of Kazakhstan, which was cut from 16.25% to 15.75% on October 23. Lenders use this benchmark when setting interest rates on loans and deposits, and most of them chose to lower returns on deposits.
According to the Kazakhstan Deposit Guarantee Fund (KDGF), nine banks revised their interest rates in October, with most cutting rates on term and savings deposits.
Demand deposits, the most popular in the country because of their flexible terms, were unchanged over the month. Their rates range from 12.6% to 16.08%, while the market average held at 14.99%. Such deposits can currently be opened at 17 banks in Kazakhstan.
Term deposits with the right to top up are offered by seven banks in the country. In October, four of them changed their rates: one bank lowered its rate, another cut it for one term but raised it for others, and two banks raised their rates. As a result, returns on such deposits now range from 4.5% to 19%, depending on the term for which the deposit is opened.
The picture for savings deposits in October was clear-cut: four banks lowered rates on top-up deposits. Such deposits are now available at 12 banks in the country, with interest rates ranging from 4.5% to 19.5%.
Savings deposits without the right to top up are offered by 15 banks in Kazakhstan, and two of them lowered their rates in October. They now range from 5% to 19.5%.
Average deposit rates in October 2026 broke down as follows. For savings deposits with the right to top up: 3 months — 18.39% (maximum), 6 months — 17.48%, 12 months — 14.79%, 24 months — 6.93%, over 24 months — 7.17%. Without the right to top up: 3 months — 18.08% (maximum), 6 months — 17.63%, 12 months — 15.95%, 24 months — 11.46%, over 24 months — 8.04%.
For term deposits with the right to top up: 3 months — 17.44% (maximum), 6 months — 17.25%, 12 months — 15.33%, 24 months — 7.65%, over 24 months — 4.50%. Without the right to top up, rates range from 12.20% to 18.01%; this segment of term deposits is represented on the market by only one bank. The figures are weighted average interest rates on retail bank deposits in tenge; the data source is the Kazakhstan Deposit Guarantee Fund.
As for floating-rate deposits, one bank lowered its interest rate in October. Such deposits can be opened at three banks in the country, with rates ranging from 13.62% to 16.01%.
Meanwhile, the total volume of retail deposits recently reached almost 30.6 trillion tenge, with most of the funds held in tenge-denominated deposits.