Investors opt for long-term deposits: RBI | india | Hindustan Times
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Investors opt for long-term deposits: RBI

Investors depositing their money with the banks are opting for long term maturity plans instead of medium and short term to park their money, says an RBI report.

india Updated: Oct 09, 2008 20:41 IST

Investors depositing their money with the banks are opting for long term maturity plans instead of medium and short term to park their money, a RBI report said.

The number of accounts with a maturity period of five years and above stood at 214.9 lakh at the end of March 2007 against 194.4 lakh during the corresponding period 2005-06.

Similarly, the amount of money also grew to Rs 1,15,794 crore compared to Rs 1,03,963 crore at the end of the fiscal year 2005-06.

The number of accounts with a maturity period of up to 90 days fell to 95.6 lakh at the end of 2006-07 fiscal year from 96.7 lakh in the corresponding period. The deposited amount declined to Rs 1,67,042 crore at the end of March 2007 from Rs 1,68,248 crore.

Similarly, the number of accounts maturing in 91 days-less than six months and six months-less than one year declined to 60.4 lakh and 110.9 lakh, respectively, from 69.6 lakh 130.2 lakh a year ago.

The number of accounts with a maturity period up to 90 days has seen a gradual decline from the year 2003. The figures declined to 115.6 lakh, 105.8 lakh, 96.7 lakh and 95.6 lakh at the end of March 2004, 2005, 2006 and 2007 respectively, the figure revealed.

In contrast, five years and above maturity period accounts surged to 185.7 lakh, 194.4 lakh and 214.9 lakh at the end of fiscal year 2004-05, 2005-06 and 2006-07 respectively, the RBI report said.

The accounts for the two years to three years maturity period also fell to 200.7 lakh, 199.9 lakh, 176.9 lakh and 164.8 lakh at the end of financial year 2003-04, 2004-05, 2005-06 and 2006-07, respectively.