Deposits of Senior Citizens surged by 143% to Rs 34 lakh crore in 5 years: SBI Report

April 17, 2024
Current Context: According to the SBI Research Ecowrap report, the total deposits held by senior citizens in India have seen a significant increase.
Deposits of Senior Citizens surged by 143% to Rs 34 lakh crore in 5 years: SBI Report
  • Here are some key points from the report:
    • The number of senior citizen term deposit accounts in India is estimated to be around 74 million.
    • These accounts hold a combined value of Rs 34 lakh crore.
    • This represents a remarkable 81% increase in account numbers and a staggering 150% jump in total deposits compared to 2018.
    • Almost 73 million of these accounts are in the size of up to Rs 15 lakh.
    • By assuming 7.5% interest on senior citizen bank deposits, Rs 2.6 lakh crore is the interest earned.
    • This surge in deposits indicates a growing financial independence among senior citizens and their increasing participation in the country’s banking sector.
    • It’s a positive trend that contributes to the overall economic growth of the country.

Question:

Q.1 What is the estimated number of senior citizen term deposit accounts in India?
a. 74 million
b. 85 million
c. 100 million
d. 120 million

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