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Household savings up 4.3% in 2008-09

Household savings up 4.3% in 2008-09
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First Published: Thu, Aug 27 2009. 05 01 PM IST
Updated: Thu, Aug 27 2009. 05 01 PM IST
Mumbai: India’s household financial savings rose a modest 4.3% to Rs7.5 trillion in 2008-09, led by insurance products and relatively safer bank deposits, the RBI annual report showed on Thursday.
Savings growth, however, were down from 10% 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% of the household savings in 2008-09, up from 52.2% 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% during the previous fiscal year ending March 2008.
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First Published: Thu, Aug 27 2009. 05 01 PM IST