Saving Account – Many people often have this question in their mind that how much amount deposited in the account is safe. Meaning, if for some reason the bank gets into trouble or the bank goes bankrupt, then how safe is your money? So let us know some answers related to these questions in the news below.
Do you have a savings account in the bank? Do you know how much amount deposited in this savings account is safe? Meaning, if for some reason the bank gets into trouble or the bank goes bankrupt, then how safe is your money?
Your amount up to Rs 5 lakh kept in banks is safe. Now this rule has also been approved by the Cabinet. But, what if there is more than Rs 5 lakh deposited in the bank? Why should we not keep more than Rs 5 lakh in our account? Let us understand…
Cabinet took decision for you-
A big decision was taken in the cabinet in the interest of bank customers. Customers of banks in crisis will be able to get deposit insurance claims within three months (90 days). If moratorium has been imposed on any bank, then customers will be able to withdraw up to Rs 5 lakh within 90 days under DICGC law.
For this, the government has amended the Deposit Insurance and Credit Guarantee Corporation (DICGC) Act. In the year 2020, the government had increased the insurance coverage (DICGC Insurance Premium) on deposits to Rs 5 lakh.
The rule was changed in Budget 2020-
Actually, in Budget 2020, the government had increased the amount of Bank Guarantee to Rs 5 lakh. Earlier the bank guarantee was only Rs 1 lakh. This rule has also been implemented from 4 February 2020. Now, if any bank collapses then the deposits in your account are safe up to Rs 5 lakh. The bank will return Rs 5 lakh to you. This cover will be provided by the Deposit Insurance and Credit Guarantee Corporation (DICGC), a wholly owned unit of the Reserve Bank.
How is it decided how much money will be given?
There is a guarantee of Rs 5 lakh on all the accounts of a person in any bank. Meaning, if you have made an FD (Fixed deposit) of Rs 5 lakh in the same bank and also have Rs 3 lakh deposited in the same bank, then in case of bank collapse, you will get back only Rs 5 lakh.
No matter how much money you have in your account, the total amount will be protected only up to Rs 5 lakh. For example, if someone has Rs 10 lakh in his account and a separate FD is also made. In such a situation, if the bank sinks or goes bankrupt, only your amount of Rs 5 lakh will be insured.
Is the plan prepared before the bank collapses?
According to former SBI officer Pradeep Kumar Rai, it is the responsibility of the government to protect the money of the people deposited in the bank. The government cannot let any bank sink. As soon as any bank or financial service providing company falls in the critical category, a plan is prepared to handle it.
Under this, steps like canceling the liability of the bank can also be taken. Depositors’ money can also come under this bail-in clause. Well, you will be surprised to know that customer’s money is the fifth liability. In such a situation, it is natural to be worried.
How can you save your money?
Experts say that hardly any bank has gone bankrupt in the country in the last 50 years. However, you can reduce your risk by keeping your money in different banks. Deposit insurance cover was increased from Rs 1 lakh to Rs 5 lakh. This change was made for the first time after about 27 years i.e. 1993.
It can be increased further in the coming time. Experts say that for the safety of your money, banks will now give a premium of 12 paise on every Rs 100 deposited. Earlier it was 10 paise.
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