Macro desk · Aggregate deposit growth, YoY · reading to 31 Aug 2026
In the weekly reading for 31 August 2026, bank deposits were 17.8% above a year earlier, up from 14.7% two weeks before
Aggregate deposit growth (year on year) rose 3.10 percentage points from 15 Aug 2026, to 17.80%
Bank deposits grew 17.8% over the year to 31 August 2026, a jump far larger than the middle-sized weekly move, which reaches banks' funding directly and matters most to savers and to the firms that help them place deposits.
The page it is printed on at rbi.org.in.
Bank deposits grew 17.8% over the year to 31 August 2026, up 3.10 percentage points from 14.7% two weeks earlier, a step about 7.7 times the middle-sized weekly move in the series before it. A staff article in the Reserve Bank's September 2026 Bulletin says the recent influx of FCNR (B) deposits has substantially increased total deposits in the banking system. What we don't know is how much of this one step came from those foreign-currency inflows and how much from other sources.
Why we think so3 reasons
On what grounds?
- The first reason is that the jump belongs to deposits alone. Only 4 of the 15 earlier steps this year moved even half as far, while the time-deposit share and cash's share of the money supply each moved by less than half a percentage point on the same date.
- That jump has a named source, but the source covers only part of it. The Bulletin's staff article says the recent influx of FCNR (B) deposits has substantially increased total deposits, yet it explains the level of yearly growth, not the change since 15 August.
- Both of those are about where the money came from; the third is about where it went. Deposits added Rs 940,184 crore against Rs 379,803 crore of new loans, so the credit-deposit ratio fell to 80.32%, as the table below shows.
What would prove us wrong4 trip-wires
What would we have to see to drop that read?
- 1.
- If the next fortnightly readings fall back sharply toward the 14.7% level, the step was a one-reading swing rather than a lasting rise in deposits. 2.
- If the money is found to come mostly from sources other than FCNR (B) deposits, the Bulletin's explanation covers only a small part of this step. 3.
- If loan growth of 19.1% slows while deposits keep growing, the fall in the credit-deposit ratio reflects weak lending rather than surging deposits.
Aggregate deposit growth, YoY, reading by reading
Is this reading's move out of line with the readings before it?
Deposit growth against loan growth
Are deposits keeping up with loans?
What banks offer on a fixed deposit today
| Bank | Deposit | Rate | As of | Source |
|---|---|---|---|---|
| Jana Small Finance Bank | >2 Years - 3 Years (1095 Days) | 8.00% | 30 Sep 2026 | janabank.com |
| ujjivan | 3 Year 1 Day – 3 year 6 months | 7.90% | 30 Sep 2026 | ujjivansfb.bank.in |
| RBL Bank Limited | 18 months to 36 months | 7.25% | 30 Sep 2026 | rblbank.com |
| IDFC FIRST Bank Limited | 500 days – 3 years | 7.10% | 30 Sep 2026 | idfcfirstbank.com |
| The Jammu & Kashmir Bank Limited | 888 days | 7.05% | 30 Sep 2026 | jkb.bank.in |
| indusind | 2 Years to 3 Years | 7.00% | 30 Sep 2026 | indusind.bank.in |
| bankofbaroda | bob Golden Goal deposit Scheme (555 Days) | 6.75% | 29 Sep 2026 | bankofbaroda.bank.in |
| icici | 25 to 36 months | 6.60% | 30 Sep 2026 | icici.bank.in |
| Axis Bank Limited | 5 years to 10 years | 6.50% | 29 Sep 2026 | axisbank.com |
| hdfc | 3 Years 1 day to < 4 Years 7 Months | 6.50% | 29 Sep 2026 | hdfc.bank.in |
| sbi | 2 years to less than 3 years | 6.40% | 30 Sep 2026 | sbi.bank.in |
a bank's offered card rate, not the average rate paid -- never ranked with the RBI's average rates
Which banks are short of deposits
Where rates are heading
| Rate | Latest | As of | Before | Change |
|---|---|---|---|---|
| 3-month treasury bill yield | 5.27 percent | 31 Aug 2026 | 5.28 | −0.01 percentage points against 28 Aug 2026 |
| 12-month treasury bill yield | 5.80 percent | 31 Aug 2026 | 5.79 | +0.01 percentage points against 28 Aug 2026 |
| 10-year government bond yield | 6.97 percent | 31 Aug 2026 | 6.92 | +0.05 percentage points against 28 Aug 2026 |
Bigger than 360 of the 363 earlier changes we hold (99.1% of them), by points. Of the 363 other changes in this series since 14 Dec 2012, 3 were larger than this one by points (3.10 percentage points, either way). Counted from the published readings themselves; the tally is ours.
What to watch4 things to watch
What happens next, and when would we know?
- 1.
- The next weekly readings of yearly deposit growth, to see whether 17.8% holds or slides back toward 14.7%. 2.
- The next monthly readings of the average rate on new term deposits, now 5.90%, and on all term deposits, now 6.58%. 3.
- The credit-deposit ratio, now 80.32%, and whether deposits keep adding more than loans, as they did between 15 and 31 August.
How we'll know
What would separate the readings of this move, and when does it print?
- Aggregate deposit growth, YoY again, in the next editiondated 2 Oct 2026 — 14 days after the edition this card reads, which is the spacing of the last 12 editions the store holds
Who this touches
What does each group do differently, and on what condition?
Opinion · adds no figures the Facts do not hold · every effect is potential and states its condition
| Who | What they do differently | On what condition |
|---|---|---|
| Banks | More deposits give banks more money to lend, and the credit-deposit ratio fell from 81.72% to 80.32% between 15 and 31 August, leaving more room to lend. | ▲ if the extra deposits stay in the banks rather than leave againpotential benefit |
| Borrowers | Banks with ample funding have less reason to ration loans, and loan growth of 19.1% is already ahead of deposit growth. | ▲ if the extra deposits are lent on rather than held backpotential benefit |
| Savers & depositors | The rate banks pay on new deposits follows how badly they need the money, so a surge can hold rates down while a fade can push them up. | ◆ if banks find deposits plentiful they may pay less for new ones; if the inflow fades they will not. The next monthly average rate on new term deposits, now 5.90%, would settle it.unclear |
| Asset managers (AMCs) | Open-ended debt funds went from a net inflow of about Rs 187,511 crore in July 2026 to a net outflow of Rs 8,127 crore in August 2026, the same window in which deposits jumped. | ◆ if savers moved money from debt funds into bank deposits, funds lose; if the fall in fund inflows has other causes, there is no link. The split of new deposits by source would settle it.unclear |
Go deeper
Learn: Aggregate deposit growth, YoY, in plain English
What this card is about. It is about how fast the total money sitting in Indian bank accounts is growing, measured against the same date a year earlier. The figure covers the scheduled commercial banks in the Reserve Bank of India's weekly statistics, meaning the banks it counts in its published totals. It is for savers deciding where to keep money, for banks that compete for deposits, and for firms that help people place money in deposits.
The other words behind these figures
How the reading works. The Reserve Bank publishes these totals as a weekly series. Growth compares the total on one date with the total on the same date a year before. This card sets the reading at 31 August 2026 beside the one before it, at 15 August 2026. At 31 August total deposits stood at Rs 27,871,530 crore, up Rs 940,184 crore from 15 August, and the yearly growth rate read 17.8%, against 14.7% at 15 August.
What a typical week's move means. To judge whether a step is large, every earlier weekly change in the series is lined up by size, ignoring direction, and the middle one is taken as the typical move. A step many times that size is unusual for this series.
What the other Reserve Bank percentage figures did. On the same date, time deposits as a share of all deposits and cash in circulation as a share of the wider money supply, both printed by the Reserve Bank beside this series, hardly moved: time deposits' share fell 0.11 percentage points, and cash's share fell 0.41 percentage points.
What bank credit and the credit-deposit ratio are. Bank credit is the loans banks have made. Its yearly growth was 19.1% at 31 August 2026. The credit-deposit ratio is loans as a share of deposits; it was 80.32% at 31 August 2026, down 1.40 percentage points from 81.72% at 15 August. A falling ratio means deposits grew faster than loans between the two readings.
Time deposits and demand deposits. A time deposit is money locked away for a fixed period at a stated rate; a demand deposit is money that can be withdrawn at any time. Time deposits were 87.63% of all deposits at 31 August 2026, and demand deposits were Rs 3,448,742 crore.
Two rates for term deposits. The average rate on term deposits taken during a month was 5.90% in July 2026. The average rate on all term deposits banks already hold was 6.58%. The first shows what new money earns; the second is a mix of old and new deposits.
Deposits from Indians abroad. Deposits held by non-resident Indians stood at US$ 200,897 million at the end of July 2026, up US$ 32,391 million in the month. Because the figure is in dollars, it moves with the exchange rate even when nobody deposits anything.
Where savers can go instead. Open-ended debt mutual funds took in net Rs 187,511 crore in July 2026 and saw a net outflow of Rs 8,127 crore in August 2026. Liquid funds, a short-term part of that group, took in Rs 19,934 crore in August 2026, Rs 99,132 crore less than in July.
The figures, their edition, and where they came from
| Figure | Reading | Date | Edition | Where from |
|---|---|---|---|---|
| Aggregate deposit growth, YoY | 17.80 percent | 31 Aug 2026 | Later edition we hold it as printed in the release of 18 Sep 2026, which is not the first release after 31 Aug 2026 | rbi.org.in · unusual for this series |
| Aggregate deposit growth, YoY (previous reading) | 14.70 percent | 15 Aug 2026 | Later edition we hold it as printed in the release of 4 Sep 2026, which is not the first release after 15 Aug 2026 | rbi.org.in |
| Aggregate deposits, scheduled commercial banks | Rs 27,871,530 crore | 31 Aug 2026 | Later edition we hold it as printed in the release of 18 Sep 2026, which is not the first release after 31 Aug 2026 | rbi.org.in |
| Bank credit, scheduled commercial banks | Rs 22,387,567 crore | 31 Aug 2026 | Later edition we hold it as printed in the release of 18 Sep 2026, which is not the first release after 31 Aug 2026 | rbi.org.in |
| Bank credit growth, YoY | 19.10 percent | 31 Aug 2026 | Later edition we hold it as printed in the release of 18 Sep 2026, which is not the first release after 31 Aug 2026 | rbi.org.in |
| Credit-deposit ratio | 80.32 percent | 31 Aug 2026 | Later edition we hold it as printed in the release of 18 Sep 2026, which is not the first release after 31 Aug 2026 | rbi.org.in |
| Time deposits as share of aggregate deposits | 87.63 percent | 31 Aug 2026 | Later edition we hold it as printed in the release of 18 Sep 2026, which is not the first release after 31 Aug 2026 | rbi.org.in |
| Demand deposits | Rs 3,448,742 crore | 31 Aug 2026 | Later edition we hold it as printed in the release of 18 Sep 2026, which is not the first release after 31 Aug 2026 | rbi.org.in |
| Average rate on term deposits taken in the month (WADTDR, fresh) | 5.90 percent | 31 Jul 2026 | rbidocs.rbi.org.in | |
| Average rate on all term deposits held by banks (WADTDR, outstanding) | 6.58 percent | 31 Jul 2026 | rbidocs.rbi.org.in | |
| Average rate on term deposits taken in the month, public sector banks (WADTDR, fresh) | 6.40 percent | 31 Jul 2026 | rbidocs.rbi.org.in | |
| Average rate on term deposits taken in the month, foreign banks (WADTDR, fresh) | 4.88 percent | 31 Jul 2026 | rbidocs.rbi.org.in | |
| 3-month Treasury bill benchmark yield, FBIL daily | 5.27 percent | 31 Aug 2026 | fbil.org.in | |
| 12-month Treasury bill benchmark yield, FBIL daily | 5.80 percent | 31 Aug 2026 | fbil.org.in | |
| 10-year G-sec par yield, FBIL daily (semi-annual YTM) | 6.97 percent | 31 Aug 2026 | fbil.org.in | |
| Net inflow, open-ended debt | −Rs 8,127 crore | 31 Aug 2026 | portal.amfiindia.com | |
| Net inflow, liquid funds | Rs 19,934 crore | 31 Aug 2026 | portal.amfiindia.com | |
| NRI deposits outstanding, all schemes | 200,897.00 US$ million | 31 Jul 2026 | rbidocs.rbi.org.in | |
| Change in Aggregate deposit growth, YoY | 3.10 percentage points | Our calculation, not printed by any publisher | ||
| Loan growth minus deposit growth | +1.3 points | Our calculation, not printed by any publisher | ||
| Loan growth minus deposit growth a year earlier | −0.2 points | Our calculation, not printed by any publisher | ||
| Credit-deposit ratio a year earlier | 79.3% | Our calculation, not printed by any publisher |
How sure we are of each read, and why not more
| Who | Effect | How sure |
|---|---|---|
| Banks | potential benefit | Inferred · one step of the weekly series |
| Borrowers | potential benefit | Inferred · one step of the weekly series |
| Savers & depositors | unclear | Inferred · one month of rates |
| Asset managers (AMCs) | unclear | Unresolved · timing matches, cause not shown |
Whether we have said this before
Of 15 earlier steps of this series in 2026, 4 moved by at least half as much in its own unit (1.55 percentage points).
Audit trail: how this card was checked, and the store's own notes
Status: Clear. the reading is published and checked
Computed by us, from the published figures:
- Change in Aggregate deposit growth, YoY: 3.10 percentage points, from the 2026-08-31 reading minus the 2026-08-15 reading
- Loan growth minus deposit growth: +1.3 points, from banks' year-on-year loan growth (19.1% at the 2026-08-31 reading) minus their year-on-year deposit growth (17.8% at the 2026-08-31 reading)
- Loan growth minus deposit growth a year earlier: −0.2 points, from banks' year-on-year loan growth (10.0% at the 2025-08-22 reading) minus their year-on-year deposit growth (10.2% at the 2025-08-22 reading)
- Credit-deposit ratio a year earlier: 79.3%, from the store's credit-deposit ratio reading dated 2025-08-22, the nearest on or before 2025-08-31
Exact figures: Aggregate deposit growth, YoY 17.80 percent, +3.10 percentage points against 2026-08-15; Aggregate deposit growth, YoY (previous reading) 14.70 percent; Aggregate deposits, scheduled commercial banks Rs 27,871,530 crore, +Rs 940,184 crore against 2026-08-15; Bank credit, scheduled commercial banks Rs 22,387,567 crore, +Rs 379,803 crore against 2026-08-15; Bank credit growth, YoY 19.10 percent, +0.80 percentage points against 2026-08-15; Credit-deposit ratio 80.32 percent, −1.40 percentage points against 2026-08-15; Time deposits as share of aggregate deposits 87.63 percent, −0.11 percentage points against 2026-08-15; Demand deposits Rs 3,448,742 crore, +Rs 146,350 crore against 2026-08-15; Average rate on term deposits taken in the month (WADTDR, fresh) 5.90 percent, −0.09 percentage points against 2026-06-30; Average rate on all term deposits held by banks (WADTDR, outstanding) 6.58 percent, +0.00 percentage points against 2026-06-30; Average rate on term deposits taken in the month, public sector banks (WADTDR, fresh) 6.40 percent, +0.00 percentage points against 2026-06-30; Average rate on term deposits taken in the month, foreign banks (WADTDR, fresh) 4.88 percent, −0.09 percentage points against 2026-06-30; 3-month Treasury bill benchmark yield, FBIL daily 5.27 percent, −0.01 percentage points against 2026-08-28; 12-month Treasury bill benchmark yield, FBIL daily 5.80 percent, +0.01 percentage points against 2026-08-28; 10-year G-sec par yield, FBIL daily (semi-annual YTM) 6.97 percent, +0.05 percentage points against 2026-08-28; Net inflow, open-ended debt −Rs 8,127 crore, −Rs 195,639 crore against 2026-07-31; Net inflow, liquid funds Rs 19,934 crore, −Rs 99,132 crore against 2026-07-31; NRI deposits outstanding, all schemes 200,897.00 US$ million, +32,391.00 US$ million against 2026-06-30.
What the source itself warns about
- Aggregate deposit growth, YoY. FY2023-24 inflated by a non-bank merging into a bank w.e.f. 1 Jul 2023. RBI's ex-merger figure is 12.9 against the 13.5 recorded.
- Aggregate deposit growth, YoY (previous reading). FY2023-24 inflated by a non-bank merging into a bank w.e.f. 1 Jul 2023. RBI's ex-merger figure is 12.9 against the 13.5 recorded.
- Bank credit growth, YoY. FY2023-24 ex-merger figure is 16.3 against the 20.2 recorded.
- Credit-deposit ratio. Ex-merger FY2023-24 is 78.07 and FY2024-25 is 79.14.
- Average rate on term deposits taken in the month (WADTDR, fresh). Same coverage and July 2023 break as the outstanding rate. Monthly from January 2021; March 2020 is a single earlier point and April-December 2020 is not published. No values are typed in here: every reading is fetched from the publisher's own page each run.
- Average rate on all term deposits held by banks (WADTDR, outstanding). Scheduled commercial banks excluding regional rural banks and small finance banks. RBI notes data from July 2023 include the merger of a non-bank with a bank (HDFC into HDFC Bank): a break in the series. No values are typed in here: every reading is fetched from the publisher's own page each run.
- Average rate on term deposits taken in the month, public sector banks (WADTDR, fresh). RBI Table 4, 'Public Sector Banks' column. Small finance banks are excluded from the whole release by RBI's own first sentence; they have no column here. Same July 2023 HDFC merger break as the all-bank rate. No values are typed in here: every reading is fetched from the publisher's own page each run.
- Average rate on term deposits taken in the month, foreign banks (WADTDR, fresh). RBI Table 4, 'Foreign Banks' column. Small finance banks are excluded from the whole release by RBI's own first sentence; they have no column here. Same July 2023 HDFC merger break as the all-bank rate. No values are typed in here: every reading is fetched from the publisher's own page each run.
- 3-month Treasury bill benchmark yield, FBIL daily. FBIL T-bill curve, tenor "3 Months". A VALUATION benchmark, not the 91-day PRIMARY AUCTION yield in "91-day Treasury bill yield, primary auction"; never placed in the same column.
- 12-month Treasury bill benchmark yield, FBIL daily. FBIL T-bill curve, tenor "12 Months". A valuation benchmark, not the 364-day primary auction yield in "364-day Treasury bill yield, primary auction".
- 10-year G-sec par yield, FBIL daily (semi-annual YTM). FBIL "GSec Base/Par Yield" sheet, tenor 10 (years), column "YTM% p.a. (Semi-Annual)" -- the annualised column beside it is NOT read. Dated by the sheet's own printed date. FBIL's public archive list runs about a week behind the day; only dates that list offers are read.
- Net inflow, open-ended debt. Sub Total - I of AMFI's Monthly Composite Report (all debt categories, liquid and overnight included). No values are typed in here: every reading is fetched from the publisher's own page each run, so it keeps its edition and page link.
- NRI deposits outstanding, all schemes. Stock at month end, US$ million: a rupee deposit's dollar value moves with the exchange rate even when nobody deposits anything.