If the Reserve Bank of India data on bank deposits is any indication, women have started saving more than men. While the overall deposits of the banking sector increased by 10.2 per cent to Rs 180 lakh crore during the year ended March 2023 and the share of individuals in total deposits declined during the year, the share of women customers in total deposits continued to increase to 20.5 per cent to Rs 37 lakh crore during the year from around 18 per cent five years ago.
Overall, the per capita women deposits increased by Rs 4,618 to Rs 42,503 in the last five years, according to RBI’s latest report ‘Deposits with Scheduled Commercial Banks – March 2023. “Rural areas are the major source of women deposits. The share of women deposits in overall rural deposits has increased in post pandemic period to 30 per cent in FY23 from 25 per cent in FY19 (pre-pandemic year). Further, of the incremental deposits between FY19 and FY23, women deposits accounted for 26 per cent at all India level,” as per RBI data.
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