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Indian household savings shift towards investments, with savings rate at 30.2%, surpassing global average.
An SBI report reveals a significant shift in Indian household savings over the past three years, with a decline in bank deposits from 47.6% in 2021 to 45.2% in 2023.
Meanwhile, investments in life insurance and mutual funds have increased.
India's savings rate has surpassed the global average at 30.2%, reflecting a strong savings culture and improved financial inclusion, with over 80% of adults now having formal financial accounts, up from 50% in 2011.
9 months ago
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