The Central Bank of Russia and the Federal Antimonopoly Service of the Russian Federation (FAS Russia) have issued an information letter recommending how banks should present deposit information in remote channels to avoid misleading consumers. The letter advises credit institutions not to use visual techniques when posting deposit data and not to place marks automatically on consumers’ behalf. The authorities warn that graphic techniques and emphasis on more attractive figures such as returns or effective interest rates may misinform consumers about deposit terms. Where a bank advertises a maximum possible deposit interest rate, it should also set out the conditions required to obtain that return and specify the minimum guaranteed interest rate, presented without graphic highlighting such as differences in background, font colour or font size. If the same name is used for multiple deposit types, the minimum guaranteed interest rate should be calculated separately for each.
Central Bank of Russia 2025-04-15
Central Bank of Russia and Federal Antimonopoly Service issue recommendations on deposit rate disclosures in remote channels
The Central Bank of Russia and the Federal Antimonopoly Service have issued guidance for banks on presenting deposit information remotely to prevent consumer misinformation. Banks should avoid using visual techniques to highlight attractive figures like returns or interest rates and must clearly state conditions for maximum and minimum guaranteed rates without graphic emphasis. If multiple deposit types share the same name, the minimum guaranteed interest rate should be calculated separately for each.