Loans linked to external benchmark rates also fell immediately after the RBI cut rates, reflecting the transmission of the policy rate. Nearly 63% of loans are linked to external benchmarks such as the repo rate.
The RBI data showed that as of September, 64% of deposits were taken at a rate of less than 7% and 5% at a rate of more than 8%. The share of term deposits of ₹1 crore and above grew 12.3% year-on-year in September 2025 and their share stood at 45.6%, compared to 45.3% a year ago.
The data showed that 69.8% of term deposits were held below the original maturity of ‘one to three years’, up from 66.8% a year ago, and 20% of term deposits were held below the maturity of up to one year.
Public sector banks’ share of deposits rose to 57.6% in September from 57.3% a quarter ago, partly because deposit growth at private banks slowed.
PSU banks saw deposits grow 9.6% year-on-year, while private bank deposits grew 10% in September compared to 15.1% a year ago.
Among the states, Maharashtra accounted for the highest share of mobilized deposits at 16.5%. Maharashtra, Uttar Pradesh, Karnataka, Delhi NCR, Tamil Nadu and West Bengal together accounted for 54.2% of household deposits in September.
The data also showed that the share of savings accounts remained stable at 28.4% since March, while the share of checking accounts fell from 10.1% in March to 9.3% as of September 30. The share of term deposits increased from 61.4% a year ago to 62.3%.
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