Deposit rates are falling in Kazakhstan: how much banks are offering now

Tengrinews.kz — Banks in Kazakhstan continue to revise deposit rates following the National Bank’s base rate cut. Nine banks changed their rates in October, with most lowering deposit yields. However, some financial institutions raised rates instead, according to the Kazakhstan Deposit Insurance Fund (KDIF).
How the National Bank’s decision affected the deposit market
On October 23, the National Bank cut the base rate by 0.5 percentage points, from 16.25 to 15.75 percent. This was the fourth consecutive reduction since June 2026, when the base rate stood at 18 percent.
According to KDIF, nine banks revised their deposit rates in October. The main changes affected term and savings deposits.
In particular:

Term deposits with top-up options: two banks raised rates, one lowered them, while another adjusted rates in different directions depending on the deposit term.
Savings deposits with top-up options: four banks lowered rates.
Savings deposits without top-up options: two banks lowered rates and one raised them.
Demand deposits: rates remained unchanged.

KDIF explained that banks determine deposit yields independently, taking into account the National Bank’s base rate, competitors’ offers and their own need to attract depositors’ funds.
Maximum deposit rates: what Kazakhstan’s banks offer
Despite the overall downward trend in yields, deposits with rates above the base rate are still available on the market.
According to KDIF data as of October 30, the highest rates are offered on savings deposits with top-up options — up to 19.56 percent per annum for three months. For savings deposits without top-ups, the maximum rate is 19.5 percent, while for term deposits with top-ups it is 19 percent. In both cases, these are also three-month deposits.
For demand deposits, the maximum rate among the offers included in the fund’s comparison table is 16.08 percent.
At the same time, some banks continue to raise yields despite the reduction in the base rate.
For example, one bank increased the rate on a savings deposit without top-ups by 1.51 percentage points — from 17 to 18.51 percent per annum for a 12-month term.
Another bank raised yields on three- and six-month term deposits by 0.4 percentage points — to 19 and 18 percent, respectively.
Meanwhile, four banks reduced rates on savings deposits with top-up options by 0.11–0.9 percentage points.
What will happen to rates in November
The Kazakhstan Deposit Insurance Fund noted that October’s monitoring does not yet fully reflect the impact of the National Bank’s latest decision.
The base rate was cut only on October 23, shortly before the end of the month. As a result, a more noticeable reaction in the deposit market may follow in November.
At the same time, KDIF estimates that the main wave of declining yields has already passed. Banks may now adopt a wait-and-see approach, monitoring further National Bank decisions and competitors’ actions.
The next scheduled base rate decision is set for December 4, 2026.
KDIF expects the retail deposit market to stabilize relatively by the end of the year. However, any further reduction in the base rate could lead to another decline in deposit yields.
How depositors can preserve high returns
The fund believes that current conditions remain favorable for depositors. In particular, Kazakhstanis can lock in existing yields by opening a savings deposit for a longer term.
However, when choosing a deposit, it is important to consider not only the interest rate but also the conditions for early withdrawal.
For example, funds cannot be partially withdrawn from a savings deposit before maturity. To get the money back, the agreement must be terminated, resulting in the loss of interest. The funds are then paid out after 30 days.
KDIF also reminds depositors that the maximum guaranteed amount is 20 million tenge for savings deposits in tenge, 10 million tenge for other tenge-denominated deposits and 5 million tenge for foreign-currency deposits.
Earlier, economists predicted that after the base rate cut, banks would gradually reduce deposit yields. The changes are expected to affect new deposits first, while fixed rates on existing deposits will remain in place until the agreement expires. Experts also advised Kazakhstanis to consider locking in current high rates for a longer term.