Bengal tops nation in deposits in savings schemes in 2021-22 fiscal

Kolkata: Bengal has topped among all other states when it comes to deposit in savings schemes in the year 2021-22 which was dominated by the Covid pandemic.

As per recent data released by the Department of Posts, Bengal has made a deposit of Rs 153505.78 crore during the 2021-22 fiscal.

This is the first time when India Post has witnessed such a huge deposit in its different savings schemes from Bengal.

The second in this list is Maharashtra which is way behind having clocked a total deposit to the tune of Rs 123969.72 crore.

The third among the states is Yogi Adityanath-led Uttar Pradesh which had witnessed Rs 106606.89 crore in small savings.

The deposits have been made in savings schemes, recurring deposits, time deposits, monthly income schemes (MIS), senior citizen scheme, Sukanya Samriddhi Accounts and Public Provident Fund.

Bengal has had the highest deposit in MIS with Rs 54415.51 crore, followed by time deposit with Rs 44226.21 crore.

The lowest deposit has been in Sukanya Samriddhi where the deposited amount is Rs 3222.78 crore.

In the year 2020-21, Bengal has had a deposit of Rs 110000 crore in savings schemes in post offices.

In the previous three fiscals, the deposits were Rs 104000 crores, Rs 83000 crore and Rs 77700 crore respectively.

According to sources in the Department of Posts, the amount that has been deposited from Bengal for the 2021-22 fiscal is an all-time record as no other state had made such a huge deposit before.

The total deposit in the 2021-22 fiscal from all states has been to the tune of Rs 1128870.12 crore.

Experts believe that the cut in interest rates among nationalised and private banks during the period has contributed to such a huge deposit in post offices.