The maximum rate on savings deposits in foreign currency will be raised to 2.5% per annum, but accounts can only be opened under the new terms starting October 1. The Kazakhstan Deposit Insurance Fund announced this, according to infohub.kz.
As the Kazakhstan Deposit Insurance Fund (KDIF) explained, October 1 marks the start of liberalization of rate regulation for individual deposits in foreign currency. Previously, the rate on all such deposits could not exceed 1%.
Now, for savings deposits with a term of more than 12 months, the rate may be increased from 1% to 2.5% per annum. These are deposits with strict restrictions on early withdrawal — up to the loss of all interest. The new rates will apply only to deposits opened or rolled over from October 1, 2026.
These rates are the recommended upper limit for foreign currency deposits. Banks, however, choose independently what rate to set. In addition, the maximum rates on time deposits of any term, as well as on savings deposits with a term of 12 months or less, remain unchanged at 1%.
The KDIF also recalled that the maximum guarantee for individual deposits in foreign currency is up to 5 million tenge.
Recall that on September 21, in an interview, Deputy Chairman of the National Bank Aliya Moldabekova said that the current situation with the strengthening tenge and the declining share of foreign currency deposits make it possible to begin a phased liberalization of rates on foreign currency deposits.
Later, experts told Kursiv that, in their opinion, banks will not rush to raise rates on foreign currency deposits.