Which deposits are currently the most profitable in Kazakhstan

Tengrinews.kz — In July, Kazakhstani banks continued to adjust deposit rates, though less actively than in the previous month. This was reported by the Kazakhstan Deposit Insurance Fund (KDIF).
The Fund noted that banks determine deposit rates independently. Their decisions are influenced by the National Bank's base rate, market conditions, and the cost of funding.
Following two consecutive base rate cuts by the National Bank — from 18% to 17% in June, and then to 16.75% in July — banks began gradually reducing yields on deposits. While ten banks revised their terms in June, only four did so in July.
Savings deposits saw the most significant changes. Some banks lowered rates on short-term deposits with three- and six-month maturities. Meanwhile, demand deposits remained largely unchanged, with almost all banks maintaining their current terms.
The KDIF expects some banks to continue making targeted rate adjustments in August. However, a mass revision of terms similar to June is unlikely. The future situation will depend on the National Bank's next base rate decision, scheduled for September 4.
Which deposits are currently the most profitable?
Savings deposits continue to offer the highest yields.

Savings deposits — up to 20.5% APR.
Term deposits with top-up options — up to 20% APR.
Demand deposits offer lower yields but provide greater flexibility for accessing funds.

The KDIF reminded investors that high rates usually come with stricter terms. For example, partial withdrawals are not permitted from savings deposits; in the event of early termination, the depositor loses accrued interest, and funds are disbursed after a 30-day notice period.
The Fund also recommends that when choosing a deposit, customers should look beyond the interest rate and consider top-up terms, early withdrawal policies, and the insurance coverage limit.
The maximum KDIF insurance coverage amounts are:

Up to 20 million tenge for savings deposits in national currency;
Up to 10 million tenge for other deposits in national currency;
Up to 5 million tenge for deposits in foreign currency.

As a reminder: on July 24, the National Bank of Kazakhstan lowered the base rate from 17% to 16.75% per annum, with a corridor of +/- 1 percentage point.