In a dim market, investments in small savings instruments jump 37%

In April-June 2019 (Q1FY20), bank deposits grew by Rs 1.14 trillion, according to Reserve Bank of India data

The economy is slowing, private consumption has stalled and risk aversion has taken over the financial markets — all this is clearly visible in how the middle class saved its money in the beginning of this financial year (FY20). Investments in small savings instruments such as post office savings deposits, national savings certificates and public provident fund (PPF) have jumped 37 per cent in April-July 2019. This growth comes over a strong base — the collections had grown 38 per cent in the same period of 2018.

This is a continuing streak, especially for the post office schemes, April-July collections in