Interest rates being on a continuous rise since quite some time, the buying behavior of customers is seen to be taking a backseat in the present times.

The credit deposit ratio of banks for the month of September has experienced a record low in 4 years. The reason behind the figures can be related to current customer psychology of retreating to safe bank deposits when markets seem volatile.

"Deposits are growing since the equities market is a little bit subdued and investors are choosing to park their money in safer avenues such as banks," SBI Chief, Pratip Chaudhuri commented.

With rapid policy rate hikes by the regulator Reserve Bank of India, although the surge in credit demand has been given a slowdown, but corresponding rise in demand for deposits has added to costs for banks.