MOSCOW, 3 Jan – PRIME. Interest rates on deposits in Russia at the beginning of the year will slightly decrease after a slight increase in November-December last year, however, if the outflow of funds from the population continues, banks will have to increase the cost of attracting them, according to representatives of Russian rating agencies interviewed by RIA Novosti. The financier said how to accumulate a million dollars before retirement “Interest rates on deposits may slightly adjust downward at the beginning of the year after the traditional local increase in November-December. However, we do not expect any stable downward trend during the year, given the declining interest of depositors in traditional savings instruments,” noted managing director of the NKR rating agency Mikhail Doronkin. Yekaterina Shchurikhina, junior director for banking ratings at Expert RA, believes that in the absence of macroeconomic shocks in 2021, deposit rates are likely to fluctuate slightly. Thus, the dynamics of the rate of the top 10 banks with the largest volume of household deposits will be plus or minus 0.2-0.4 percentage points. At the same time, according to her, the trend for the flow of a share of funds to savings accounts will continue – this tool gives banks the opportunity to flexibly manage the rate, and clients – wider options for the accumulation and spending of funds. The deposit rate will primarily depend on the key rate. and the likelihood of its preservation in the first half of 2021 is high, therefore, the profitability on deposits will not undergo significant changes upward, says Nadezhda Karavaeva, senior analyst of bank ratings of the NRA. The Central Bank announced a possible reduction in the key rate in 2021 ” citizens from deposits and accounts in investment products, as well as offering preferential mortgages, which is an alternative instrument of placement. In this regard, the largest banks will not increase the profitability of deposits and, unlike medium and small ones, will not compete for time deposits, ” – the expert considers. The dynamics of interest rates on deposits will largely depend on how actively people continue to withdraw funds from retail accounts, says Valery Piven, Senior Director of the ACRA Financial Institutions Ratings Group. According to him, if the outflow continues, “banks will have to increase the cost of attracting.” “At the same time, there is a likelihood that the population, faced with low income growth rates, will spend less and save more, which will negatively affect the growth of funds for deposits,” he added.