Yandex Bank starts taking retail deposits

MOSCOW. Dec 23 (Interfax) - Yandex Bank has begun accepting retail deposits and the first deposit product can be accessed on the Moscow Exchange's Finuslugi financial services platform, the bank said on its Telegram channel.

The bank is offering deposits with terms of three months, six months or a year at 8.5% annual interest. Customers can deposit anywhere from 100,000 rubles to 10 million rubles without withdrawing or adding funds. Deposits can be opened online on the Finuslugi platform.

The bank issued a digital card in September and plans to issue plastic cards at a later date.

Russian Internet company Yandex acquired Acropol Bank in July 2021 for 1.1 billion rubles, including 75 million rubles as a premium to the capital for acquisition of the bank. The acquisition gave Yandex a banking license enabling it to develop its fintech business and launch produces for customers in this area.