Bascand will step down next year, the RBNZ, marking an unexpected departure of one of the key figures within the central bank.
Reserve Bank Governor Adrian Orr said Bascand had "the Bank’s deep gratitude for his contribution".
Bascand has been a key figure behind a series of radical steps taken by the central bank to cool the housing market, including tighter LVR restrictions, and plans to use debt to income ratios.
He has been deputy governor since May 2013, and is a member of the Monetary Policy Committee, which sets the official cash rate.
The deputy governor said: “The Bank is a special place that makes a massive contribution to New Zealanders’ wellbeing. I have had extraordinary opportunities to participate in a huge range of important initiatives, and work with many wonderful colleagues, but I want to make more time for other interests in my life.”
The RBNZ will begin the search for Bascand's replacement "in due course", the organisation said.
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