Rising interest rates seem to be driving more people to go in for term-savings plans as the share of such instruments in total bank deposits increased to 60.3% in December 2023 from 57.2% in March 2023, according to the Reserve Bank data.On an incremental basis, term deposits accounted for nearly 97.6% of the total deposits during April–December 2023 and the shares of current account and savings account deposits went down, said RBI's Quarterly BSR-2: Deposits with Scheduled Commercial Banks - December 2023."Rising return on term deposits has been driving the compositional shift in bank deposits: the share of term deposits in total deposits increased to 60.3% in December 2023 from 57.2% in March 2023," it said.The RBI further said that deposits moved to higher interest rate buckets as the share of term deposits bearing over 7% interest rate rose to 61.4% of the total term deposits in December 2023 from 54.7% a quarter ago and 33.7% in March 2023.It is almost a year that the Reserve Bank has kept the short-term lending rate or repo rate at 6.5%. The benchmark interest rate was last raised in February 2023 to 6.5% from 6.25% due to inflation driven mainly by global developments.In an off-cycle meeting in May 2022, the Monetary Policy Committee of the RBI raised the policy rate by 40 basis points and it was followed by rate hikes of varying sizes, in each of the five subsequent meetings till February 2023. The repo rate was raised by 250 basis points cumulatively between May 2022 and February 2023.The RBI's quarterly BSR data also showed that nearly two-thirds of the incremental term deposits during October-December 2023 were of the size "Rs 1 lakh to less than Rs 1 crore". The corresponding share in the previous quarter was 46.5%.Female customers made significant contributions in deposit accretion. Their shares in incremental CASA, term, and total deposits during October-December 2023 were 63.4%, 36.1% and 40.1% respectively.Their share in total deposits increased to 20.6% in December 2023 from 20.2% in September 2023. Senior citizens held 20.1% of the total deposits in December 2023.Another set of quarterly data showed that credit to industry increased by 9.5% (y-o-y) in December 2023, which was comparable to the growth a year ago.Personal loans continued to expand and its share in total credit stood at 30.9% in December 2023 (28.6% in previous year).The RBI said the share of women borrowers in total credit is relatively low, but it is growing at a robust pace and has outpaced the growth in loans to male borrowers over the last seven quarters.