India’s bank deposits increased (y-o-y) by 13.0 per cent in FY24, net of merger of a non-bank with a bank with effect from July 1, 2023 (13.5 per cent including the impact of merger) during 2023-24 as compared to 10.2 per cent growth in the previous year; deposits of all population groups (viz., rural, semi-urban, urban and metropolitan) accelerated in the latest year. Household sector remained the largest group of depositors with 61.1 per cent share; female depositors within this sector held 20.7 per cent of total deposits of SCBs in March 2024.
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