New Delhi : India’s Savings deposits with Scheduled Commercial Banks have witnessed robust growth during the last 15 years, increasing by 374% from ₹13.77 lakh crore in FY2010-11 to ₹65.33 lakh crore in FY2024-25. The growth of saving deposits during the last 10 years also remains resilient, registering a cumulative growth of 158% from ₹25.36 lakh crore in FY2015-16 to ₹65.33 lakh crore in FY2024-25, according to the latest ASSOCHAM Global Research report titled “Pattern of Savings Deposits with Scheduled Commercial Banks in India”.
This reflects the continued strengthening of India’s banking system, financial inclusion, wider banking outreach and rising household participation in the formal financial system.
Savings deposits with Scheduled Commercial Banks (SCBs) have moderated in the post-COVID period as households increasingly diversify their financial savings into market-linked instruments
The year-on-year growth in savings deposits moderates to 8.6% during FY2020-21 to FY2024-25, compared with 14.8% during FY2015-16 to FY2019-20 and 14.4% during FY2010-11 to FY2014-15 (average).
However, the moderation reflects a healthy evolution in household financial behaviour rather than any weakening of the deposit base, as savings deposits continue to remain an essential component of household financial portfolios while investors allocate a portion of their savings to other financial assets, according to the ASSOCHAM Study.
Indian banks continued to dominate savings deposit mobilisation as they account for 99.1% of total SCBs savings deposits in FY2024-25 with deposits reaching ₹64.77 lakh crore as compared with ₹56,245 crore held by foreign banks which represents less than 1% of the total.
Over the last fifteen years, Indian banks recorded an impressive 384% cumulative growth, while foreign banks registered 49% growth during the same period. The share of Indian banks in total savings deposits increased steadily from 97% in FY2010-11 to 99.1% in FY2024-25, whereas the share of foreign banks moderated from 3% to 0.9% during the same period, according to the ASSOCHAM study.
Several key policy developments have supported this deposit mobilisation such as financial inclusion initiatives launched since 2014, which significantly expanded access to banking services.
Demonetisation in 2016 encouraged greater formalisation of savings which led to a spectacular 34% year-on-year growth of deposits of Indian Banks in FY2016-17, while the COVID-19 period reinforced precautionary savings behaviour among households, driving a 16.1% jump in FY2020-21.
According to the Economic Survey 2025-26, the post-COVID period observed an outstanding expansion of household participation in equity markets. The investor base grew from around 3.1 crore in FY20 to more than 11 crore by FY25. It indicates a growing preference for equity investments among retail households, said the ASSOCHAM study
According to RBI data, the share of equity and investment funds in total household financial assets increased from 15.7 per cent in March 2019 to 23 per cent by March 2025. Assets managed through mutual funds rose steadily relative to the size of the economy, increasing from <10 per cent of GDP in the early 2010s to 23 per cent by FY26 (as of November 2025), amounting to over ₹80 lakh crore.
Overall, India’s savings deposit system remains large, resilient and well positioned for future growth. Continued financial inclusion, digital banking adoption, supportive regulatory measures and sustained household engagement with the formal financial sector are expected to further strengthen the savings deposit base and support the country’s long-term economic development.
Savings Deposits so far
| Period | Indian Banks | Foreign Banks | Total |
| 2010-11 to 2014-15 (Average YoY Growth) | 14.7% | 3% | 14.4% |
| 2015-16 to 2019-20 (Average YoY Growth) | 14.9% | 9.9% | 14.8% |
| 2020-21to 2024-25 (Average YoY Growth) | 8.7% | -0.6% | 8.6% |