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Budget News

  • Bank Deposits Grow By 11.90% In FY21 Says RBI
  • September 24,2021  11:23

  • The Reserve Bank Of India (RBI) stated in a latest update that bank deposits grew (y-o-y) by 11.9% during the 2020-21 (8.8% in the previous year) on the back of high growth in current account and savings account (CASA) deposits; the share of CASA deposits increased to 43.7% in March 2021 (41.7% a year ago). Among institutional categories, the household sector held 64.1% share in total deposits; individuals {including Hindu Undivided Families (HUFs)}, were the major constituent of the household sector and contributed 55.8% in aggregate deposits.

    Bank deposits of non-financial corporations surged by 18.8% during 2020-21 and their share in total deposits increased to 16.2% in March-2021. Metropolitan branches of banks, which account for over half of total deposits, accounted for 59.6% of incremental deposits during 2020-21 (43.2% last year). Three major states (Maharashtra, UP and Karnataka) held one-third of total household sectors’ outstanding deposits and over 40% of its incremental deposits during 2020-21. Share of private sector banks in total bank deposits continued to rise at the cost of public sector banks and stood at 30.5% (29.5% a year ago), accounting for about half of the deposits of financial and non-financial corporations as well as rest of the world sectors.

    With the downward shift in the interest rates on term deposits, the share of term deposits carrying less than 6% interest rate surged to 69% in March 2021 from 21.3% a year ago; the interest rate bracket ‘5 to less than 6% had highest concentration (36.8%) of total term deposits. Majority of term deposits were originally contracted for ‘one year to less than three years’ maturity. The share of short-term deposits (original maturity of less than one-year) rose to 32.8% (25.4% a year ago); in terms of residual maturity, 75.7% of the term deposits were due for maturity within one year.

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SMC Global Securities Ltd | CIN : L74899DL1994PLC063609 | Registered Office: 11/6B, Shanti Chamber, Pusa Road, Delhi-110005. | Tel +91-11-30111000 | Compliance Officer: Mr. Ashok Kumar Aggarwal | Tel 011-30111000 Extn. 170 | Email:-aka@smcindiaonline.com| Customer Care Email –smc.care@smcindiaonline.com| Complaint Email –igc@smcindiaonline.com| website: www.smctradeonline.com

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"1. Stock Brokers can accept securities as margin from clients only by way of pledge in the depository system w.e.f. September 1, 2020.
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