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Indian households’ deposits in banks are more than the combined quantum parked by the government and private sector. As per the latest RBI data, the household sector accounted for 58.1 per cent of the total deposits of Rs 64,10,967 crore in Indian banks as of March 2012.
In comparison, the government and private corporate sector’s deposits were equivalent to 14.6 per cent each of the total deposits.
Term deposits were preferred by households for parking their money in metropolitan, urban and semi-urban areas, accounting for around 55 per cent of total deposits. Savings bank accounts held around one-third of household deposits. In contrast, savings deposits found more favour at rural bank branches, ahead of term deposits.
Across investor categories, term deposits accounted for the bulk of the funds, at 63.6 per cent of total deposits, while savings accounts constituted 25.5 per cent of the kitty. Current accounts held 10.8 per cent of the total deposits in Indian banks.
Public sector banks accounted for 74.6 per cent of the total deposits, while private sector banks held just 18.2 per cent of the funds.
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