According to a research report by the State Bank of India, the share of senior citizen term deposits has doubled over the last five years, reaching 30% in fiscal year 24. Many individuals have opted to secure their savings at higher interest rates before potential rate cuts by the Reserve Bank of India (RBI). The report reveals an impressive 74 million senior citizen term deposit accounts in India, collectively valued at Rs 34 lakh crore. This signifies an outstanding 81% surge in account numbers and a remarkable 150% increase in total deposits compared to 2018.
"The increased in deposit rates, the higher interest rate differential for senior citizens and the special deposit schemes for senior citizens (for example WE-CARE by SBI) has propelled a tectonic shift in deposits accretion for citizens ably supported by also Government initiatives on SCSS, Mahila Samman Savings Certificate and so on," noted the report.
RAPID SURGE IN SENIOR DEPOSITS :-
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