RBI Rules: Banks are the best place to keep your hard-earned money safe. Here, your money is not only safe, but you also get interest on it. Different banks offer different interest rates on savings accounts. All banks in India work under the RBI, which ensures that people's money is safe. But have you thought that if your bank sinks, what will happen to the money deposited in it?
RBI has made rules for the safety of common people's money-
If your hard-earned money deposited in a bank is lost due to the bank going bankrupt, then do not worry. RBI (Reserve Bank of India) has made rules for the safety of customers' money. If a bank sinks or gets ruined, then you get back your money deposited in it up to a fixed limit.
How much money is returned in case of bank collapse-
According to the Deposit Insurance and Credit Guarantee Corporation (DICGC) Act, if a bank goes bankrupt, then all the customers (depositors) of that bank get a deposit insurance cover of up to Rs 5 lakh. This deposit insurance cover includes both your principal and interest amount deposited in the bank that goes bankrupt. Let us tell you that deposit insurance also applies to all types of deposits, like savings accounts, current accounts, RD, and FD.
Let us tell you that if you have deposited Rs 10 lakh in a bank and that bank goes bankrupt, then according to RBI rules, you will get a maximum of Rs 5 lakh.
How many days does it take for the money to come back-
The money deposited in the sunken banks can now be returned within 90 days. Earlier, this process used to take a lot of time, but the central government made changes in the DICGC Act in 2021. Under these changes, customers who have been placed under the moratorium will get back their deposits up to Rs 5 lakh within 90 days from the start of the moratorium.
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