FD's Achche Din !: FD's share in total deposits increased by 61.4%, amount per account increased by Rs.46,728 in the year

Now the trend of increasing the amount deposited in the savings accounts of the country's banks is being seen. During September this year, the average amount deposited in bank accounts has increased to Rs.91,472. Which is Rs.7,014 more than the average deposit in September last year. According to the SBI report, customers are increasingly investing in fixed deposit (FD) or term deposit schemes that offer higher interest compared to savings accounts.

The share of FDs in the total deposits of banks has increased to 61.4% in September 2024. It was 59.8% a year ago. FD accounts have grown by an average of Rs.46,728 on an annual basis. Whereas, deposits in savings accounts offering lower interest rates averaged Rs.32,485 per account in September 2024, almost the same as last year.

Now the amount more than the loan is deposited in the banks SBI has said in this report that due to RBI's tightening against disbursement of large unsecured loans by banks, the pace of credit is decreasing and deposits are increasing. According to the latest data, till November 15, the pace of credit has decreased in all scheduled commercial banks. ASCB's incremental credit stood at Rs 9.3 lakh crore with a growth of 5.3% on annual basis, while deposits registered a growth of 6.7% at Rs 13.7 lakh crore. In the same period last year, incremental credit stood at 19.4 lakh crore with a growth of 14.2% per annum, while deposits stood at 16 lakh crore with a growth of 8.9%.

Gold loans increased by 56%, credit card outstanding amount recorded at Rs.2.81 lakh In the first seven months of the current financial year i.e. from April to October, gold loans have increased by 56% to the level of Rs.1.54 lakh crore. According to RBI data, this figure was Rs 1.02 lakh crore in March 2024. In October 2023, gold loans (loans against gold ornaments) increased by 13%. The main reason is that banks are focusing on secured loans like gold loans instead of unsecured loans like personal loans. Among other personal loan segments, home loan growth stood at 5.6%, while it rose 12.1% on a year-on-year basis in October. In comparison, home loan growth in October 2023 was 36.6%. While credit card outstandings rose 9.2% to Rs 2.81 lakh crore in the first seven months of 2024-25. Overall bank credit increased by 4.9% to Rs 172.4 lakh crore. Credit growth may increase in the near future.