A bank deposit is the money someone places into a bank account. The depositor lets the bank safe keep their money for some time, in return for which the bank pays the depositor interest payments. The bank uses this money to invest or provide loans to its borrowers and, in return, receive interests payments from them.
Bank Deposit
The amount of deposits in banks can cross ₹ 190 lakh crore in a year. According to banking sources, the easiest way for banks to meet the demand for credit is to increase interest on FDs. Currently, the growth rate of deposits is 9.5%, while the growth in loans is 17%. The loan offtake is double the deposit ratio.
Amar Ambani of Yes Securities said that banks will have to increase the interest on deposits. According to RBI data, banks had deposits of ₹ 173.70 lakh crore in the fortnight of November 4. A year ago it was 160.46 lakh crore. There was no increase in the interest rates on deposits from November last year till May this year, despite this there was an increase of 13 lakh crores in its deposits. Interest rates on deposits have shot up sharply after the RBI increased the repo rate by 1.90 per cent since May this year. Now up to 8 percent interest is being received on FD.
Sameer Narang, Chief Economist, ICICI Bank, said the higher growth in credit is because of demand coming from housing, agriculture, auto and other sectors. According to the Crisil report, in 2023 and 2024, the pace of loan can increase at the rate of 15%. In 2024, the debt of banks can be 164 lakh crores.
Banks have distributed loans worth ₹129.26 lakh crore The debt of banks has increased from ₹110.40 lakh crore to ₹ 129.26 lakh crore. There has been an increase of 6 lakh crores in comparison to deposits. Last year, when home loan interest rates were at an all-time low of 6.35%, loans grew by only 5.5%. But if the interest on loan is above 9% then it has increased by 17%. To meet the huge loan demand, higher interest has to be paid on deposits. Deposits stood at₹172.03 lakh crore in the week of October 21. If seen from September, 2020, there has been an increase of 30 lakh crores. At that time the deposit was 142.63 lakh crore.
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A bank deposit is the money someone places into a bank account. The depositor lets the bank safe keep their money for some time, in return for which the bank pays the depositor interest payments. The bank uses this money to invest or provide loans to its borrowers and,...N27 NewsN27Adminenglish@n27news.inEditorN27 News
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