Bank deposits growth has fallen below 10%, as investors shy away from putting money in bank term deposits and small saving schemes because of falling rates. Deposit rates have cumulatively declined 150 basis points since April 2014. State Bank of India, for example, offers 7.25% interest for one-year deposits. Even credit growth has moderated to 9.2% in April and the credit-deposit ratio declined to 75.8% in April. Factors like issuances of tax-free bonds and a rush to invest in small savings schemes before the rate cut came into force from April 1 slowed down bank deposits growth.