Interest rates and reserve ratios
Table Minimum reserves interest rates 2023
| Maintenance period ending in | Remuneration rate on reserve holdings1 | Penalty rate on reserve deficiencies2 | Remuneration rate on excess reserves |
| September 2023 | 3.75 % | 7.00 % | 0.00 % |
| August 2023 | 3.50% | 6.75% | 0.00% |
| June 2023 | 3.25% | 6.50% | 0.00% |
| May 2023 | 3.00% | 6.25% | 0.00% |
| March 2023 | 2.50% | 5.75% | 0.00% |
| February 2023 | 2.00% | 5.25% | 0.00% |
1 Interests on minimum reserve balances were calculated at the average margial rate of the main refinancing operations until 20 December 2022, at the average rate for the deposit facility from 21 December 2022 to 19 September 2023 and at 0% since 20 September 2023.
2 2.5 percentage points above the ECB's average marginal lending rate during the reserve maintenance period (in the case of repeated failure to comply with the reserve requirement (more than twice within 12 months) 5 percentage points above the marginal lending rate).
Table Minimum reserves interest rates 2022
| Maintenance period ending in | Remuneration rate on reserve holdings | Penalty rate on reserve deficiencies1 | Remuneration rate on the non-exempt tier of excess reserve holdings² |
| December 2022 | 2.00% | 4.75% | 0.00% |
| November 2022 | 1.25% | 4.00% | 0.00% |
| September 2022 | 0.50% | 3.25% | 0.00% |
| July 2022 | 0.00% | 2.75% | -0.50% |
| June 2022 | 0.00% | 2.75% | -0.50% |
| April 2022 | 0.00% | 2.75% | -0.50% |
| March 2022 | 0.00% | 2.75% | -0.50% |
| February 2022 | 0.00% | 2.75% | -0.50% |
1 2.5 percentage points above the ECB's average marginal lending rate during the reserve maintenance period (in the case of repeated failure to comply with the reserve requirement (more than twice within 12 months) 5 percentage points above the marginal lending rate).
2 implemented in accordance with the negative interest rate for deposit facility.
Please visit https://www.bundesbank.de/en/tasks/monetary-policy/excess-reserves
Table Minimum reserves interest rates 2021
| Maintenance period ending in | Remuneration rate on reserve holdings | Penalty rate on reserve deficiencies1 | Remuneration rate on the non-exempt tier of excess reserve holdings² |
| December 2021 | 0.00% | 2.75% | -0.50% |
| November 2021 | 0.00% | 2.75% | -0.50% |
| September 2021 | 0.00% | 2.75% | -0.50% |
| July 2021 | 0.00% | 2.75% | -0.50% |
| June 2021 | 0.00% | 2.75% | -0.50% |
| April 2021 | 0.00% | 2.75% | -0.50% |
| March 2021 | 0.00% | 2.75% | -0.50% |
| January 2021 | 0.00% | 2.75% | -0.50% |
1 2.5 percentage points above the ECB's average marginal lending rate during the reserve maintenance period (in the case of repeated failure to comply with the reserve requirement (more than twice within 12 months) 5 percentage points above the marginal lending rate).
2 implemented in accordance with the negative interest rate for deposit facility