Saving upto 5 lakh: Do you know how much money you can keep in your savings account (Saving Bank limit)? Yes, there is a limit set for keeping money in the savings account as well. Keeping more money than the limit can become a problem for you.
What to do if there is more than 5 lakh deposits in banks, know what the rule says
Savings upto 5 lakhs: If you also have a savings account (Saving Account) If you keep your savings in it, then you must read this news. do you know you say your savings or Savings Account (Saving Bank limit) How much money can I keep? Yes, there is a limit set for keeping money in the savings account as well. You cannot keep more than that limit by depositing money. Keeping more money than the limit can become a problem for you. We are saying this because if a bank collapses, then only your money up to 5 lakhs remains safe. You will get the same amount back.
Finance Minister Nirmala Sitharaman in the year 2020 Nirmala Sitharaman Had changed a rule in the budget 2020. He had said that only your amount up to Rs 5 lakh kept in banks will be considered safe. Earlier this amount was Rs 1 lakh. Let us understand what will happen if you keep more money than this?
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DICGC increased the amount
Thinking about the account holder, in the year 2020, the cabinet had taken a big decision. It was said in the rule that deposit insurance should be given to the account holders of troubled or sinking banks. (Deposit Insurance) The claim will be received within three months i.e. 90 days. If a bank has been declared bankrupt or moratorium, then the account holders will be able to withdraw their Rs 5 lakh within 90 days under the rules of DICGC. For this, the government has made changes in the Deposit Insurance and Credit Guarantee Corporation (DICGC) Act. In the year 2020, the government increased the insurance coverage on deposits (DICGC Insurance Premium) from Rs 1 lakh to Rs 5 lakh.
How to get how much money?
Including all the accounts of the individual in any bank, there is a guarantee of five lakh rupees. Means if you have deposited 5 lakh rupees in the same bank FD (Fixed deposit) If you have saved 3 lakh rupees in the same account, then you will get only 5 lakh back if the bank collapses. Meaning, no matter how much money you have in your account, only up to 5 lakhs will be considered safe and you will get back the same amount of 5 lakhs.
How can you save all your money?
By the way, hardly any bank has gone bankrupt in the country in the last 50 years. But still you can reduce the risk of money sinking by keeping your money in different banks. Deposit insurance cover has been increased from Rs 1 lakh to Rs 5 lakh. According to experts, it can be increased further in the coming times. For the safety of your money, banks will now pay a premium of 12 paise for every Rs 100 deposited.
