The saving deposits are controlled by few banks in India and as per reports a few selected banks hold the more than 50% of total deposits of Indian public. Just five commercial banks hold 50 per cent of all deposits in India, and the top 10 (of which 7 are government banks) account for 75%.
The majority of banks are public sector bank and they hold 62% of all such deposits together where as 32% are with private banks and rest with others including foreign banks. Most interestingly the small finance banks which are offering the highest saving interest rates are lagging with just 0.8% share.
At the forefront stands the largest public sector bank State Bank of India with a staggering 23 per cent of total deposits of commercial banks in India, Second is HDFC Bank, a private banking giant, accounting for 9% of these deposits.
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