Deposits of all scheduled banks collectively surged by a whopping ₹3.82 lakh crore in the fortnight ended December 30, 2022, even as their advances grew moderately at ₹1.53 lakh crore , according to RBI’s Scheduled Banks’ Statement of Position in India.

A break-up of the deposits accretion during the reporting fortnight shows that time deposits and demand deposits rose by ₹2.13 lakh crore and ₹1.68 lakh crore  respectively.

Banks usually bulk up short-term deposits and advances in the run-up to the quarter-end.

Deposit growth in absolute terms outpaced credit growth only in the last couple of fortnights of December 2022 as banks raised term deposit rates. They upped the rates in view of sustained credit growth. Some banks even raised savings bank deposit rates.

Overall, as of December 30, 2022, year-on-year deposit and credit growth stood at 8.92 per cent and 14.70 per cent, respectively.