Are you planning to make FD in the bank? Know in which banks investors are depositing the most money.
[ad_1]
Bank Fixed Deposit: Earning money by doing job or business is as important as it is. More important than that is to invest your saved money in the right place. You can definitely increase your money by investing in the right and safe place. Besides, it can also be used at the time of need. Bank FD is a popular investment option in India. Banks give fixed interest on fixed deposits for a fixed period. With the trust of the bank, your money is also safe. But, do you know in which bank people are investing their money the most. According to Reserve Bank of India data for fiscal year 2022, seven public sector banks and three private banks account for 76 percent of total bank deposits. Investors prefer to invest in major public sector banks and private banks. This is despite small private banks and small finance banks offering higher interest rates to raise new deposits.
state Bank of India (SBI) is the most preferred bank by investors to invest in FD tenure. It accounts for 23 percent of total bank deposits in various periods. Its market share in fixed deposits in public sector banks is 36 percent.
Among private banks, HDFC Bank is the most preferred bank by investors to invest in FD tenure. It is the second bank with 8 percent of total bank deposits in different periods. Its market share in fixed deposits in private banks is 28 percent.
Among public sector banks, after SBI, investors preferred to invest in Canara Bank and Union Bank of India. Both of them have 7 percent share of total bank deposits in all periods. Among public sector banks, Canara Bank and Union Bank of India have market share in fixed deposits of 12 per cent and 11 per cent respectively.
Bank of Baroda and Punjab National Bank both have 6 percent of total bank deposits across all periods. Among public sector banks, Bank of Baroda and Punjab National Bank both have 10 percent market share in fixed deposits.
After HDFC Bank among private banks, investors preferred to invest in ICICI Bank FD. In this, the market share among private banks in fixed deposits is 6 percent of total bank deposits in all periods and 19 percent.
Investors prefer to invest in FD, Axis Bank is the third private bank in the list of top ten banks. In this, the market share among private banks in fixed deposits is 5 percent and the market share among private banks in all periods is 5 percent.
The last two banks in the top ten list of banks preferred by investors to invest in FD are Bank of India and Indian Bank. Both of them have 4 percent of total bank deposits across all periods. Both of them have 6 percent market share in fixed deposits in public sector banks.
The central bank secures deposits in public sector banks and private banks. The Deposit Insurance and Credit Guarantee Corporation, a subsidiary of the central bank, guarantees investments in fixed deposits up to Rs 5 lakh.
[ad_2]
Source link
