Bank Deposit Growth Moderated in March 2022: RBI Data

On Tuesday, the Reserve Bank of India (RBI) released data on ‘Deposits with Scheduled Commercial Banks – March 2022’. The data showed that the interest rates on term deposits further moderated during fiscal 2021-22, consistent with the liquidity and monetary conditions.

According to the RBI data, the bank deposit growth moderated in March 2022 to 10% compared with 11.9% a year ago. The current deposits increased by 10.9%, the savings rose by 13.3%, and the term deposits increased by 7.9% during 2021-22. The share of term deposits bearing over 6% interest rate decreased to 14.4% in March 2022 compared to 31% a year earlier and 78.7% two years ago.

The data showed that the share of Current Account and Savings Account (CASA) deposits increased in total and stood at 44.8% in March 2022 compared with 41.7% three years ago. These low-cost deposits accounted for 60.9% of incremental deposits during 2020-21 and 55.6% during 2021-22, respectively.

The metropolitan branches of banks, accounting for over half of total deposits, accounted for 51.5% of incremental deposits in FY 2021-22. In comparison, it stood at 59.6% in the year-ago period. The household sector held the dominant share in total deposits of 62.6%.

The female depositors accounted for 19.8% of total deposits in March 2022. Their share in the incremental bank deposits during 2021-22 increased to 34.3% from 15.2% in the previous year. 

Financial corporations and the general government together accounted for over one-fourth of the incremental deposits during the review period compared to a 5.8% share in 2020-21. Large deposits, i.e. Rs. one crore and above, accounted for about 40% of total term deposits.

According to the RBI data, seven states, i.e. the National Capital Territory (NCT) of Delhi, Maharashtra, Uttar Pradesh, West Bengal, Tamil Nadu, Karnataka, and Gujarat, together accounted for 63.3% of bank deposits in FY 2021-22.

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