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ICRA Research Report
As expected, the small savings rates have been kept unchanged for Q3 FY22, in line with the corresponding yield movement in the trailing three months.
The provisional data released by the Controller General of Accounts indicates that inflows into savings deposits and certificates, and Public Provident Fund, rose by 19.0% to Rs 1.1 trillion in April-August FY22 from Rs 0.9 trillion in Apr-Aug FY21.
We expect continued inflow of funds into small saving schemes in the coming months, with the advantage of higher spreads over banks' lending and deposit rates.
In our view, borrowings from the National Small Savings Fund could end up being modestly higher than the net budgeted amount of Rs 3.9 trillion.
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