When it comes to getting the best rates from banks, March is the month for deals. Whether it is cashrich corporates seeking to place bulk deposits or business houses seeking to raise some short-term funds — all wait for March. Banks offer their best rates to both depositors and borrowers to show an improved performance. While a March surge is normal, this year's last minute mop-ups and disbursals have outdone the spike in all the previous years.
Bank deposits have grown by a record Rs 3,74,950 crore in March 2013 — accounting for 34% of growth in entire FY13 — thereby enabling banks to surpass targets they were lagging until February. At the same time, banks lent Rs 2,69,280 crore last month, which is more than a third of the loans made during the entire fiscal.
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