The number of accounts opened in the first seven months of the current fiscal year is more than 30% more than the previous full fiscal year. When looking at the overall stock of demat accounts, they increased by more than two fold from around 3.6 crore in 2018-19 to 7.4 crore by the end of November 2021, ToI stated.
However, at the same time, the growth of small savings accounts had slowed down over the last three years. This included almost every scheme, barring Sukanya Samriddhi for the girl child. Between April and November 2021, 2.3 crore new small savings accounts were added, translating into a monthly average of around 29 lakh.
According to a PTI news report, as many as 4.66 crore new accounts were opened under the small saving schemes in 2018-19 which came down to 4.12 crore in 2019-20, Minister of State for Finance Pankaj Chaudhary said. It further came down to 4.11 crore in 2020-21, he said.
Senior Citizens Savings Scheme too witnessed a decline in opening of new accounts. New accounts opened under the scheme under the small saving scheme was 12.6 lakh in 2018-19, he said. It decreased to 12.2 lakh in 2019-20 and further to 11.4 lakh in 2020-21, he added. The drop in new accounts was also seen in Post Office Saving Accounts, stated the PTI report. Till November this FY, a total of 2.33 crore new small saving accounts have been opened.
Interest rates on small savings schemes