Bank Deposits
Bank deposits consist of money placed into banking institutions for safekeeping. These deposits are made to deposit accounts such as savings accounts, checking accounts and money market accounts.
The deposits are primarily of two types:
- Demand Deposits: It is basically a current account where consumers deposit money and the deposited money can be withdrawn as the account holder desires on demand.
- Time Deposits: It is also known as term deposits, fixed-term accounts, certificates of deposit (CD), time deposit accounts tend to offer a higher rate of return than traditional savings accounts, but the money must stay in the account for a set period of time.
The figures presented herein are for bank deposits of all Scheduled Commercial Banks in India.
Bank deposits consist of money placed into banking institutions for safekeeping. These deposits are made to deposit accounts such as savings accounts, checking accounts and money market accounts.
The deposits are primarily of two types:
- Demand Deposits: It is basically a current account where consumers deposit money and the deposited money can be withdrawn as the account holder desires on demand.
- Time Deposits: It is also known as term deposits, fixed-term accounts, certificates of deposit (CD), time deposit accounts tend to offer a higher rate of return than traditional savings accounts, but the money must stay in the account for a set period of time.
The figures presented herein are for bank deposits of all Scheduled Commercial Banks in India.
SUBJECT Variables
TOTAL DEPOSITS
- The total deposits in the scheduled commercial banks in 2022-23 jumped to ₹18,145,238 crore, a 6.7% increase over the previous year.
- Current account deposits in the scheduled commercial banks increased to a record-high of ₹1,855,736 crore in 2022-23, at a growth rate of 8.5% over the previous year.
- Savings account deposits in the scheduled commercial banks increased by 0.01% in 2022-23 to a record-high of ₹5,970,940 crore.
- Term deposits in the scheduled commercial banks registered a growth of 10.6% in 2022-23 in comparison to a growth rate of 8% in 2021-22. The total amount of term deposits in 2022-23 was ₹10,318,562 crore.
BANK GROUP-WISE DEPOSITS
- 60.9% of the deposits in the scheduled commercial banks in 2022-23 were held in public sector banks. The share of deposits held in public sector banks has been reducing for the last 6 consecutive years - from 73.9% in 2013-14 to 60.9% in 2022-23.
- Private sector banks held 33.5% of the total deposits in the scheduled commercial banks in 2022-23, a significant increase over holding just 18.8% of the deposits in 2013-14.
- The share of deposits held by foreign banks has remained between 4.3% to 4.9% between 2013 and 2022. Foreign banks held ₹847,119 crore in deposits, comprising 4.7% of the total deposits in the scheduled commercial banks in 2022-23.
- Small finance banks and Payments Banks collectively held only 1% of the total deposits in the scheduled commercial banks in 2022-23.
ACCOUNT HOLDERS
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