About 50% of regular deposits are under $27,000, according to the Kazakhstan Deposit Insurance Fund (KDIF).
According to the fund’s methodology, there are three types of retail deposits denominated in tenge: mass (up to 15 million tenge), medium (from 15 million to 50 million tenge) and large (over 50 million tenge). The mass segment accounted for 49.6% of all deposits as of July 1. In the first half of the year, their volume grew by 3.3%, while the number of accounts increased by 24%. The shares of the medium and large segments reached 18.4% and 32%, respectively.
KDIF has also noted a new trend: more Kazakhstanis are opening term deposits that allow withdrawals only after a certain period. At the beginning of the year, such deposits made up 11.4% of the total, later showing a 1.5-fold increase over the first six months. Demand deposits — funds that can be withdrawn or replenished at any time — still accounted for 58.7% at the end of the first half of the year.
More broadly, 77% of all retail deposits are held in tenge and 23% are held in foreign currency. The total volume of retail deposits reached 25.4 trillion tenge ($47.1 billion) at the end of the first half of the year, an increase of 844 billion tenge ($1.5 billion) compared to the beginning of the year (+3.4%).
«The growth reflects several positive trends in the country’s economy: first, the population is seeking to protect its savings, as the yield on most deposit products exceeds the inflation rate; second, Kazakhstanis trust the banking system and are confident in placing their savings on deposit,» KDIF said in a statement.
In the first quarter of 2025, the average weighted market rate for demand deposits was 14.4% per annum, and for time and savings deposits with maturities of 1 to 6 months, it was up to 17.5% per annum.
After the National Bank raised the base rate at the end of the half-year, the average weighted market rate for demand deposits rose to 15%, while time and savings deposits with maturities of 1 to 6 months reached up to 18% per annum. At the same time, according to official data from the National Bank, the annual inflation rate in the country stood at 11.8% as of June.
