Bank FDs in Gujarat: Despite multiple avenues of investment, bank fixed deposits in Gujarat are still attractive. Amid rising global uncertainty and economic turmoil, people are investing in bank FDs. In the financial year 2023, there has been an increase of 11 percent in the proportion of bank FDs in Gujarat. Now the total amount of bank FDs in Gujarat has crossed the figure of 10 lakh crores.
Highest FD in six districts
According to the State Level Bankers Committee (SLBC) Gujarat data, the bank fixed deposit figure in Gujarat in FY23 was Rs 10.76 lakh crore. Recently 17th SLBC meeting was held in Ahmedabad. According to him, 6 of the 10 districts with the highest number of bank FDs in Gujarat are located in central and south Gujarat. Among these, Vadodara and Anand in Central Gujarat lead, while Surat, Valsad, Navsari and Bharuch in South Gujarat have the highest number of bank FDs. The share of these six districts in the total bank FD in Gujarat is more than 33 percent.
Ahmedabad number one in bank FD
If we talk about big cities, Ahmedabad, Rajkot, Vadodara, Surat and Gandhinagar account for more than 62 percent of Gujarat’s total bank FDs. The city of Ahmedabad alone accounts for about 29 percent of the state’s total deposits. The total FD in Ahmedabad banks is Rs 3.1 lakh crore. Apart from this, Navsari, Anand, Bharuch, Valsad and Kutch districts are also ahead in making bank fixed deposits. There has been a huge increase in bank FDs, especially due to the contribution of NRIs.
benefit of high interest rate
A top Gujarat SLBC official said bank FD rates are currently ruling above 7.5 per cent after the Reserve Bank of India (RBI) hiked interest rates. Because of this, investors have started turning to bank FDs as a means of safe investment. There has been an increase in the number of FDs availed by NRIs in smaller centres. People have deposited money in bank FD with better interest and secure income calculation.
According to bankers, there has been more trend towards bank deposits from January to March 2023. Due to the high volatility in the stock market, many people are opting for fixed deposits and the increase in interest rates is the main reason for this. Some small finance banks give investors 8.30% to 9.50% returns, which is a big change. Especially since senior citizens get 0.50% more interest than other holders, they still prefer to invest in bank FDs.
