India's bank deposits increased (y-o-y) by 13.0 per cent in FY24, net of merger of a non-bank with a bank with effect from July 1, 2023 (13.5 per cent including the impact of merger) during 2023-24 as compared to 10.2 per cent growth in the previous year; deposits of all population groups (viz., rural, semi-urban, urban and metropolitan) accelerated in the latest year. Household sector remained the largest group of depositors with 61.1 per cent share; female depositors within this sector held 20.7 per cent of total deposits of SCBs in March 2024.
More attractive return resulted in very high share (78.5 per cent) of incremental deposits accruing under term deposits during 2023-24; term deposits bearing six per cent and above interest rate accounted for 86.6 per cent of total term deposits (outstanding) in March 2024 as compared with 61.1 per cent share one year ago and 14.4 per cent share two years ago.
Current, savings and term deposits accounted for 9.8 per cent, 30.8 per cent and 59.4 per cent, respectively, of total deposits in March 2024. During 2023-24, 79.1 per cent of the rise in term deposits were mobilised in the maturity bucket of one to three years; this category accounted for nearly two thirds of outstanding term deposits at year-end.
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