This paper investigates the Deposits mobilization by the Scheduled Commercial Banks and economic growth in India. The main focus of this study is to find out the association between Deposits and Gross Domestic Product (GDP) at factor cost and constant price. The study uses time series data collected from Reserve Bank of India for the period of 1991-92 to 2014-15. The statistical tools such as growth rate in the absolute and relative term, compound annual growth rate, ratio analysis are used for this study. The study also useda linear regression model to test the association between aggregate deposits and economic growth in India. The study finds the strong relationship between Aggregate Deposits and economic growth in India since banking and financial sector reforms for the period of 1991-92 to 2014-15.