Deposits with scheduled commercial banks (SCBs) across the country has grown by 10.2% in 2022-23 as against 10% in the financial year 2021-22, according to the data released by the Reserve Bank of India.
Since May 22, the RBI has hiked repo rate, the rate at which it lends money to banks, by 250 basis points (bps) to control inflation.
Deposits with senior citizens contributed to about one fifth of the total deposits as on March 2023. Their shares in total term deposits and savings stood at 22.2% and 21.3%, respectively, said RBI in its report on SCBs.
The share of female senior citizens in total deposits with SCBs stood at 7.2%. Contribution of female customers in total deposits increased to 20.5% in March 2023 as compared to 19.8% a year ago.
With monetary tightening during 2022-23, the return on term deposits had higher differential from saving deposit interest rate and accordingly, much higher share of deposit amount was mobilised under term deposits (73.2%) as compared to 44.4% in 2021-22. The share of term deposits in total deposits increased to 56.9% in March 2023 as compared to 55.2% a year ago.
The share of term deposits with original maturity period of 1 year to less than 3 years soared sharply, and stood at 64.2% as of end of March 2023 as compared to 50.4% a year ago.
Term deposits under the interest rate bucket of 6% to less than 8% recorded a significant surge in their share to total deposits and moved to 57.6% in March 2023 from 12.6% in the previous year.
Among institutional ownership, the household sector had 61.9% share in aggregate deposits. Within the household sector, individuals accounted for 52.8% share in total deposits.
Private sector banks attracted 45.6% of incremental deposits and 53.7% of households’ deposits during 2022-23. Their share increased further to 32.8% in total deposits at the end of March 2023 from 31.5% last year.
More than a half of households’ deposits during 2022-23 came from Maharashtra, Uttar Pradesh, Delhi, Karnataka, and West Bengal.
Scheduled commercial banks (SCBs) report branch-wise data on type of deposits (current, savings and term), its institutional sector wise ownership, maturity pattern of term deposits as well as number of employees under Basic Statistical Return (BSR) survey.
The data is released at disaggregated level (namely, type of deposits, population groups, bank groups, states, districts, centres, interest rate ranges, size, and original and residual maturity). Compilation of deposits is done based on the age group of individual depositors.
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