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Tengrinews.kz – Kazakhstani residents have been actively moving their savings into banks, with the total volume of household deposits rising by 2.1 trillion tenge over the first ten months of the year to reach 26.6 trillion tenge, according to the Kazakhstan Deposit Guarantee Fund (KDGF).
The growth was driven almost entirely by tenge-denominated deposits, which increased by 2.2 trillion tenge, while foreign-currency deposits, on the contrary, declined.
Higher rates make tenge deposits more attractive
The KDGF noted that tenge deposits have become significantly more appealing due to rising interest rates. In 2025, the National Bank raised the base rate twice — in March and again in October — prompting commercial banks to increase deposit yields.
Over ten months, average deposit rates rose by 0.3 to 6.8 percentage points, depending on term and conditions. Some products now offer returns of up to 20 percent per annum.
At present, most deposit rates exceed inflation, meaning savers are not just preserving their money but earning real returns, the fund stressed.
Fewer dollars, more tenge
As returns on tenge deposits improved, Kazakhstanis have been moving away from foreign currency savings. The dollarization level of household deposits fell to 22.5 percent, a historic low as of November 1.
More accounts, more banks
Banks are competing not only on rates but also on digital services and new products. As a result, many people are spreading their savings across several banks.
The number of individual accounts rose by 30.2 percent in ten months of 2025, reaching 220.3 million. For comparison, growth over the same period last year was just 11.5 percent.
The KDGF explained that placing deposits in different banks also increases the total amount covered by the state guarantee, since the maximum guarantee applies per bank.
Surge in term and savings deposits
Interest in term and savings deposits has surged this year. The volume of savings deposits grew by 46.8 percent, nearly one and a half times higher than at the start of the year.
Even faster growth was seen in term deposits, whose volume expanded 7.5 times. These products offer higher yields while still allowing relatively quick access to funds if needed.
The number of banks offering term deposits has also increased — from four at the beginning of the year to seven today.
Deposits remain the go-to savings option
According to National Bank surveys, the share of Kazakhstanis keeping savings in bank deposits rose from 62 percent in 2024 to 68.1 percent over the first ten months of 2025.
The KDGF emphasized that deposits remain the most accessible and least risky way to save money, thanks to the state guarantee system.
With attractive rates, growing trust in the banking sector and convenient services, further growth in the deposit market is expected both by the end of this year and into next year, the fund said.
