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New Delhi, July 17 Small savings have experienced a decline of 21 per cent during 2006-07 as commercial banks offer higher interest rates on the deposits to lure investors, according to the Assocham. Collection under the small saving schemes run by State and the Central Government registered a steep decline of 21 per cent in the financial year 2006-07 as compared with the compound annual growth rate of 13 per cent during the 2000-01 to 2005-06 period. At the same time, saving deposits with banks increased by 14 per cent maintaining the annual growth rate of 19 per cent, according to the chamber.

Total receipts under the small savings schemes during the financial year 2006-07 were worth Rs 1,37,560 crore as compared with Rs 1,73,283 crore in the previous year. The amount outstanding in these schemes was Rs 5,59,932 crore, while total saving bank deposits with the commercial banks was Rs 6,55,274 crore at the end of 2006-07.

In 2006-07, the rate of return on the deposits of one month to a year was 7 per cent and the rate on deposits of more than one year was 9 per cent. The flow of the savings changed their course from small saving schemes to saving deposits with the banks, according to the Government.

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