Disclosing deposit rates in remote channels: recommendations from Bank of Russia and FAS Russia
Credit institutions should not use visual techniques when posting data on deposits in remote channels and put marks automatically on consumers’ behalf. This is stated in the information letter of the Bank of Russia and the Federal Antimonopoly Service of the Russian Federation (FAS Russia).
According to the Bank of Russia and the FAS Russia, using graphic techniques and focusing on figures that are more attractive to consumers (e.g. the return, the effective interest rate) may misinform a person about the deposit terms and conditions.
If a bank indicates the maximum possible deposit interest rate, next to this information, it should list the terms and conditions that customers should comply with to receive the promised return and specify the minimum guaranteed interest rate. Importantly, this should be done without using graphic techniques (obvious differences in the background, font colour and size). If a bank uses the same name for several types of deposits, the minimum guaranteed interest rate should be calculated for each of them separately.