Households account for 58.1 per cent of Indian bank deposits

Indian households’ deposits in banks are more than the combined quantum parked by the government and private sector. As per the latest RBI data, the household sector accounted for 58.1 per cent of the total deposits of Rs 64,10,967 crore in Indian banks as of March 2012.

In comparison, the government and private corporate sector’s deposits were equivalent to 14.6 per cent each of the total deposits.

Term deposits were preferred by households for parking their money in metropolitan, urban and semi-urban areas, accounting for around 55 per cent of total deposits. Savings bank accounts held around one-third of household deposits. In contrast, savings deposits found more favour at rural bank branches, ahead of term deposits.

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