Today, the Reserve Bank released the web publication ‘Deposits with Scheduled Commercial Banks¹ – September 2024² ’ on its ‘Database on Indian Economy’ portal³ (https://data.rbi.org.in Homepage > Publications).

Scheduled commercial banks (SCBs) {excluding regional rural banks (RRBs)} report branch-wise data on type of deposits (current, savings and term), its institutional sector wise ownership, age wise distribution of deposits pertaining to individuals, maturity pattern, size and interest rate range wise distribution of term deposits as well as number of employees in the quarterly ‘Basic Statistical Return’ (BSR) - 2 return. These data are released at disaggregated level (viz., population groups ⁴, bank groups, states, districts and centres).    

Highlights:

• Bank deposits growth (y-o-y) at 11.7 per cent in September 2024 remained close to that in the previous quarter.

• Deposits of all population groups (viz., rural/semi-urban/urban/metropolitan) recorded double-digit annual growth; during Q2:2024-25, 66.5 per cent of the total incremental deposits contributed by the metropolitan branches, which have 54.7 per cent share in total deposits.

• Of the total deposits, 51.4 per cent was held by individuals; female depositors owned nearly 40 per cent of the deposits by individuals.

• A substantial amount of deposits have shifted to higher interest rate bucket during the latest monetary policy tightening cycle; term deposits bearing over 7 per cent interest rate has increased to 68.8 per cent from 54.7 per cent a year ago and 33.7 per cent in March 2023.

• As term deposits offered more attractive return, they also outpaced the growth in CASA (current account and savings account) deposits, and their share in total deposits rose to 61.4 per cent in September 2024 from 59.8 per cent a year ago.

• Deposits growth (y-o-y) of public sector banks inched up to 9.0 per cent in September 2024 (8.1 per cent in June 2024), which, however, remained well below that for other bank groups at above 15 per cent.

• The share of senior citizens’ deposits increased to 20.1 per cent in September 2024 from 19.7 per cent a year ago.

Ajit Prasad            
Deputy General Manager
(Communications)     

Press Release: 2024-2025/1589