In August of this year, eleven banks in Kazakhstan revised their deposit product terms, with four of them lowering interest rates on demand deposits, which are the most popular among the population. Details are reported by the website infohub.kz.
Earlier, in June and July, financial institutions had already adjusted interest rates, but those changes mainly affected savings deposits. However, in August, according to the Kazakhstan Deposit Guarantee Fund (KDGF), the reduction also impacted demand deposits.
Here is how rates changed in August: four banks reduced rates on demand deposits, three banks on time deposits with the option to top up, five banks on savings deposits with top-ups, and three banks on savings deposits without top-ups. At the same time, one bank increased rates on demand deposits, one on savings deposits with top-ups, and another bank both increased and decreased rates on savings deposits without top-ups depending on the term.
As for demand deposits, over the month, four banks lowered rates, and one raised them. Currently, such deposits are available in seventeen banks across the country. The minimum rate in August was 12.6%, the maximum was 15.95%. On average, demand deposits are opened at 14.08%, which is 0.11 percentage points lower than in July. It is worth noting that demand deposits are the most sought-after among Kazakhstani citizens due to their flexible terms: funds can be withdrawn at any time without losing accrued interest.
Time deposits represent a compromise between demand and savings deposits: they offer higher interest rates than demand deposits, but the terms are not as strict as those for savings deposits. Time deposits are divided into those that can be topped up and those that cannot. Currently, time deposits with top-up are available in seven banks. The average rate on them in August was 15.11%, but actual terms depend on the deposit term. The minimum rate is 5% per annum for two-year deposits, and the maximum is 19% for three-month deposits. Deposits without the right to top up can be opened in only one bank, which did not change its terms in August: rates range from 12.2% to 18.01%.
Savings deposits in Kazakhstan are also divided into two types: with the right to top up (without restrictions) and without the right to top up (can only be topped up once at opening). In August 2026, savings deposits with top-up can be opened in twelve banks. Rates on them range from 5% to 20%, with the national average at 14.7%. For savings deposits without top-up, the situation is similar: they are offered by fifteen banks, with rates ranging from 6.3% (for two-year deposits) to 20.5% (for six-month deposits). The average market rate is 15.33%.
The reduction in deposit rates occurs against the backdrop of monetary policy easing in the country. Second-tier banks are lowering deposit rates following the National Bank of the Republic of Kazakhstan's reduction of the base rate. Earlier, it was reported that the National Bank on September 4 again lowered the base rate from 16.75% to 16.25%, which may lead to further adjustments in deposit and loan rates.