The interest rates on long-term deposits offered by public sector banks have come down below the crucial 8% mark, which is the minimum rate on various small savings schemes run by the government. The prevailing term deposits of 3-5 years now is 7.25-7.75%, down from nearly double-digit rates offered up to December 2008. The ten public sector banks, including State Bank of India now offer these rates. This indicates that the banks can now offer lending below 10% to most industries.
The savings of Indian households was Rs 7,34,653 crore in 2007-08 out of of which Rs 4,06,630 crore is in bank deposits, according to the latest RBI figures. The bank deposits as defined by RBI includes cooperative and non-credit societies. The time deposits of scheduled commercial banks grew by Rs 31,495 crore during the fortnight ended April 24 while on the other hand, the demand deposits dropped by Rs 9,538 crore in the same period, as the RBI''s latest data. The total outstanding bank deposits stood at Rs 39,23,000 crore as on April 24.
The savings of Indian households was Rs 7,34,653 crore in 2007-08 out of of which Rs 4,06,630 crore is in bank deposits, according to the latest RBI figures. The bank deposits as defined by RBI includes cooperative and non-credit societies. The time deposits of scheduled commercial banks grew by Rs 31,495 crore during the fortnight ended April 24 while on the other hand, the demand deposits dropped by Rs 9,538 crore in the same period, as the RBI''s latest data. The total outstanding bank deposits stood at Rs 39,23,000 crore as on April 24.
No comments:
Post a Comment