The 15-year all-India compound annual growth rate of bank deposits (2011–2025) was 10.3%; in comparison, the 15-year CAGR for Tamil Nadu was 10.17%; West Bengal 9.50%; and Maharashtra 8.19%
| Photo Credit:
Andrii Yalanskyi
Bank deposits have emerged as an important investment avenue for financial savings in the country. But over a 15-year period, some of the larger States such as Tamil Nadu, West Bengal and Maharashtra have recorded lower annual growth in deposits with scheduled commercial banks, compared to the all-India growth rate.
A businessline analysis of the data on deposits with SCBs from the RBI’s ‘Handbook of Statistics on Indian States’ shows that the 15-year all-India compound annual growth rate (CAGR) of bank deposits (2011–2025) was 10.3 per cent. But the 15-year CAGR for Tamil Nadu was 10.17 per cent; West Bengal 9.50 per cent; and Maharashtra 8.19 per cent.
The slower growth appears influenced by the existing base of bank deposits in the respective States, as well as the inclination towards financial assets shown by households. A higher penchant for gold and real estate can reduce the growth in bank deposits.
Mid-sized states drive long-term deposit growth
Haryana posted the highest 15-year CAGR of 13.7 per cent in deposits with SCBs, followed closely by Rajasthan with 12.4 per cent. Odisha, Karnataka, Kerala and Uttar Pradesh also report deposit growth rates comfortably above the national average. Sustained expansion in income in the NCR area of Delhi, as well as higher improvement in financial inclusion and banking penetration, could have aided this growth.
Maharashtra, however, has the highest bank deposit base, with ₹52 lakh crore in SCB deposits towards the end of FY25. Delhi was a distant second with ₹20.7 lakh crore, followed by UP with ₹19 lakh crore. Karnataka and Tamil Nadu were next in the list. The numbers point towards most of the country’s wealth being concentrated in the metro cities of Mumbai, Delhi, Bengaluru and Chennai. The growing wealth in UP is reflected in the growth of its bank deposit base of ₹19 lakh crore.
Year-on-year trends
businessline observed steady year-on-year growth in deposits across major States in the latest year, though the pace varies. States that show healthy annual increases continue to lead in long-term CAGR, indicating consistency, rather than one-off surges.
Haryana with 12.7 per cent growth in SCB deposits, followed by Karnataka with 12.3 per cent, and Maharashtra with 12.1 per cent, lead the States in short-term deposit growth.
Meanwhile, Gujarat with only 6.5 per cent y-o-y growth, followed by West Bengal with 7.2 per cent and Tamil Nadu with 8.8 per cent, had some of the lowest growth in SCB deposits in the past year.
Published on December 15, 2025