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Thursday, August 27, 2009

India's household savings up 4.3 pct in 2008/09

India's household financial savings rose a modest 4.3 percent to 7.5 trillion rupees in 2008/09, led by insurance products and relatively safer bank deposits, the Reserve Bank's annual report showed on Thursday.

Savings growth, however, were down from 10 percent during 2007/08, mainly due to investment outflows from mutual funds and government securities as stock market fell during the financial year and federal bond yields rose in the first quarter of 2009.

Bank deposits controlled 58.5 percent of the household savings in 2008/09, up from 52.2 percent from a year ago as investors took shelter in the relative safety of these instruments from volatile stock and bond markets.

A fourth of total household savings went into insurance funds, up from 18 percent during the previous fiscal year ending March 2008.

source: Reuters

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