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Bank term deposits, gold buying eating into small savings pie


MUMBAI, MARCH 25:  
The Postal Department’s small savings scheme seems to be facing the ripple effect of competitive interest rates on bank term deposits and retail consumers’ penchant to buy gold.
The accretion to the small savings scheme, comprising deposits, savings certificates and Public Provident Fund (PPF), slowed a shade to Rs 16,086 crore in December 2012, against Rs 16,297 crore in the year-ago period.
According to Reserve Bank of India data, as at December-end 2012, the outstanding amount in small savings schemes was lower by Rs 8,782 crore at Rs 6,01,961 crore compared with Rs 6,10,743 crore a year ago.
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