Depositors continue to increase their cash and term deposit holdings, despite the fact that interest rates have been cut twice this year.According to the latest Australian Taxation Office self-managed superannuation account data, as of June this year the value of SMSF assets was A$599.1 billion. Cash and term deposits were worth 158.9 billion -  26.5 per cent of the total. The allocation to TDs and cash in SMSF portfolios has remained remarkably consistent. It accounted for 26.5 per cent in June last year and 28.5 per cent in June 2014.There were 577,236 self-managed superannuation funds with 1.1 million members. More than 31,000 new funds were set up in the year to June.Reserve Bank figures show that term deposits held with banks have increased by around eight per cent to $5498 billion since the start of the year.In a note issued on Monday, Macquarie Securities said year-on-year deposit growth of 6.4 per cent was above credit growth and that deposit competition was coming off.