M3 comprises M1 and time deposits with the banking system. Time deposits comprises deposit liabilities, which are payable otherwise than on demand, including fixed deposits, cash certificates, cumulative and recurring deposits, time liabilities portion of savings deposits, staff security deposits, margin held against letter of credit if not payable on demand, deposits held as securities for advances that are not payable on demand, and gold deposits.
Copyright, 2014, International Monetary Fund. Reprinted with permission.
Source: International Monetary Fund
Release: International Financial Statistics
International Monetary Fund, M3 for India© [MYAGM3INM189N], retrieved from FRED, Federal Reserve Bank of St. Louis https://research.stlouisfed.org/fred2/series/MYAGM3INM189N, February 9, 2016.