According to kapital.kz, Kazakhstani banks cut retail deposit interest rates in September following the National Bank’s policy rate reduction to 16.25%. There are no longer any offers above 20% per annum on the market.
The highest rate on the market is now 19.60% for a savings deposit with replenishment rights. The last bank offering a 20.50% rate on a savings deposit without replenishment rights lowered it to 19.51% in September. The era of rates above 20%, which had persisted since late 2025, has come to an end.
Short-term 3- to 6-month savings deposits still allow depositors to lock in yields above 19%. Six banks adjusted their rates in September, with most making changes across multiple segments. The future path of deposit rates will depend on bank decisions and upcoming policy rate moves by the National Bank. The next policy rate decision is scheduled for October 23, 2026.