Bank Rule: Now customers will get this much money back if the bank collapses, the government has made a big change
Bank Rule: In the last one year, many banks had to face financial crisis, due to which RBI had to close some banks. Many people also suffer losses in this. People are worried about what will happen to the money deposited in their account? In this episode, let us tell you that now if the bank sinks, the customers will get this much money back-
News, Digital Desk- (Bank Deposit Insurance) In the last one year, many banks had to face financial crisis, due to which RBI had to close some banks. When the bank closes, the depositors worry about the loss of their money.
Many people also suffer losses in this. People are worried about what will happen to the money deposited in their account? To provide relief from any such problem, there is insurance of bank deposits.
Preparations are underway to increase the insurance cover-
Deposit Insurance and Credit Guarantee Corporation (DICGC) keeps the amount deposited in the bank account up to Rs 5 lakh safe. If someone has more than this amount deposited in his account, then the amount above Rs 5 lakh is not refunded.
Now the government is considering increasing this insurance cover from Rs 5 lakh to Rs 10 lakh, according to a published news, this change can be a big relief for bank customers. (Deposit Insurance)
What is Bank Deposit Insurance?
Bank deposit insurance is a security cover that protects your deposited money in case the bank collapses. This means that if a bank goes bankrupt, a certain amount deposited in your bank account remains safe and you get it back.
Currently, this insurance (BIMA) applies to deposits up to Rs 5 lakh. This limit was fixed 5 years ago. So, if you have deposited Rs 5 lakh or more in a bank and the bank fails, you will get at least Rs 5 lakh.
What is going to change?
The government is considering increasing the limit of bank insurance in the next six months, which is currently Rs 5 lakh. An official has indicated that this limit can be increased to Rs 10 lakh. This means that in future, if a bank collapses, depositors will be able to get an amount of more than Rs 5 lakh safe.
Which accounts are covered?
This insurance is provided by the Deposit Insurance and Credit Guarantee Corporation (DICGC), which covers all types of deposit accounts. This includes savings accounts, current accounts, and all other types of deposits held by customers in commercial and cooperative banks.