Indian Bank Deposits Hit Record ₹284 Trillion in September
India’s banking system deposits reached a record ₹284 trillion ($2.99 trillion) in the second half of September 2026, according to Reserve Bank of India data, marking a significant increase in the banking sector’s funding base. Deposits rose by ₹21.67 trillion during the first six months of FY2026-27, with most of the increase occurring between June and August.
A major contributor was the RBI’s discounted foreign-exchange swap window, introduced in June to attract foreign-currency inflows and encourage banks to raise relatively cheaper deposits. The scheme attracted around $133 billion in inflows before being closed on August 31, a month earlier than originally planned.
Bank deposits also received a boost from lenders seeking to strengthen their funding buffers ahead of the quarter-end. During the fortnight ending September 30, deposits increased by ₹7.73 trillion. Overall, banking-system deposits were 8.4% higher than at the end of March.
The record deposit growth comes as banks face continued demand for credit. CareEdge Ratings noted that the October rate hike could limit further reductions in term-deposit rates, as banks need to fund credit growth while surplus liquidity gradually declines.
The development highlights the importance of deposit mobilisation, foreign-currency funding and liquidity management for Indian banks as monetary and external-sector conditions evolve.
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