Bank customers in India are increasingly turning towards fixed deposits, with a preference for deposits of 1-3 years. This trend has emerged in the last few years, and is largely due to the increase in interest rates on deposits. After six years of low interest rates, savers and pensioners are finally seeing better returns on their investments.
Getting More Interest in Fixed Deposits
The latest data shows that bank deposits as of May 19, 2023 stood at Rs 183.74 lakh crore, which is an increase of Rs 18 lakh crore and 10.9% more than the previous year. Fixed deposits grew by 11.4%, while savings grew by 6.8%. This indicates that more and more people are turning towards fixed deposits as a safe and reliable investment option, especially in the current economic climate.
Contribution of Women in Total Deposits is More Than 20%
According to data till March 2023, the contribution of women in total deposits in banks increased by 20.5% to Rs 36.99 lakh crore, up from 19.8% a year ago. Women in Maharashtra have deposited the maximum amount, with a total of Rs 5.17 lakh crore. This highlights the increasing financial independence of women in India, who are now taking an active role in managing their own finances.
Women Top in Taking Gold Loan
Women are also taking loans in large numbers, with a preference for gold loans. According to data, the highest number of gold loan borrowers are women, followed by education loans at 35% and home loans at 32%. This indicates that women are using loans as a means to finance their personal goals and aspirations, and are not afraid to take on debt to achieve their dreams.
Overall, the trend towards fixed deposits is likely to continue in the coming years, as interest rates remain high and savers and pensioners look for safe and reliable investment options. Women are increasingly taking an active role in managing their finances, and are contributing significantly to the growth of the banking sector in India.
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