Savings deposits attracted more flows than term and current deposits for the second consecutive year, according to the data released by the Reserve Bank of India on the composition and ownership pattern of deposits with scheduled commercial banks.
Total savings deposits grew to Rs 37.54 lakh crore as on March 31, 2018, from Rs 33.98 lakh crore as on March 31, 2018, an increase of over 10%. In the same period, total term deposits grew to Rs 68.08 lakh crore, from Rs 64.92 lakh crore a growth of almost 5%.
The shares of current, savings and term deposits stood at 9.7%, 32.1% and 58.2%, respectively, in March 2018.
More than half of bank deposits were contributed by individuals (including Hindu Undivided Families), who held the highest share across all population groups (rural/ semi-urban/ urban/ metropolitan); their share in total deposits also increased during 2017-18, the RBI release said.
Non-resident deposits recorded higher growth than aggregate deposits during the year, after witnessing an outflow in the previous year.
Nearly two-thirds of incremental deposits were contributed by the household sector, followed by the foreign sector and the financial sector.
Private sector banks mobilised more incremental deposits (nearly 60%) than other bank groups, a unique feature characterising developments in 2017-18, RBI said.
On an outstanding basis, public sector banks held around two-thirds of total deposits; the private corporate sector, however, maintained substantial deposits with private sector banks.
