RBI Rule: Everyone uses a bank account, especially to deposit money in a savings account. But, do you know how much amount is safe to keep in a savings account? If your bank goes bankrupt, then your money up to a certain amount is safe. Apart from this, if you deposit more money, your money can be at risk.
The government started a scheme to open Jan Dhan's account, after which everyone got their account. Under the Jan Dhan scheme, about 45 crore accounts were opened across the country. But, hardly anyone knows how much money is safe to keep in your account. Although banks do not sink or go bankrupt quickly, there are many examples where banks have gone bankrupt. Recently, a similar case came in front of Yes Bank, where it was on the verge of bankruptcy.
What is the responsibility of banks-
The money kept in banks mustn't be always safe. If there is a theft, robbery, or disaster in the bank, the bank does not guarantee your money. In such a situation, it is important to know how much money the bank is responsible for returning. The bank will return the money only up to the determined limit, no matter how much amount is deposited in your account. Therefore, it is necessary to be careful.
How much guarantee do banks take-
Now we will tell you how much money banks are responsible for returning in case of any loss. Under Section 16 (1) of the Deposit Insurance and Credit Guarantee Corporation Act 1961, your money deposited in any form in the bank is guaranteed only up to Rs 5 lakh. If more money is deposited than this, then the bank will sink in case of loss. Reserve Bank's Deposit Insurance and Credit Guarantee Corporation (DICGC) guarantees your deposited money, but keep in mind that this money should not exceed 5 lakhs in any case.
Whether it is an account or FD, the guarantee is only 5 lakhs-
The bank guarantees your amount up to Rs 5 lakh, but this is only for your total deposit amount. Whether the money is in a savings account, current account, or FDs, the combined amount will be guaranteed up to Rs 5 lakh. If you have money in different accounts, the bank is bound to return you only up to the limit of Rs 5 lakh.
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