Mumbai: The growth in Scheduled Commercial Banks (SCBs) deposits moderated to 10 per cent year-on-year in March 2022, compared to an increase of 11.9 per cent a year ago, RBI data showed.
During 2021-2022, current, savings and term deposits rose by 10.9 per cent, 13.3 per cent and 7.9 per cent, respectively, the Reserve Bank of India (RBI) said. On Tuesday, the RBI released data on Deposits with Scheduled Commercial Banks - March 2022.
The data showed that consistent with the monetary and liquidity conditions, interest rates on term deposits moderated further during fiscal 2021-22.
"The share of term deposits bearing over 6 per cent interest rate came down to 14.4 per cent in March 2022 (31 per cent a year ago; 78.7 per cent two years ago)," it showed.
The share of Current Account and Savings Account (CASA) deposits in total deposits has been increasing over the years and stood at 44.8 per cent in March 2022 as compared with 41.7 per cent three years ago, the central bank said.
These low-cost deposits accounted for 60.9 per cent and 55.6 per cent of incremental deposits during 2020-21 and 2021-22, respectively, it said.
Metropolitan branches of banks, which account for over half of total deposits, accounted for 51.5 per cent in incremental deposits in FY 2021-22. The same stood at 59.6 per cent in the year-ago period.
Household sector held the dominant share of 62.6 per cent in total deposits.