Guarantee given by Modi government, even if the bank sinks, your money will be returned in 90 days, know what is the preparation
Whether you are working or doing business or farming. It has become necessary for the common man to save. It has become just as important to invest in savings. It can get a good return and increase your amount and turn it into a large amount. This amount will come in handy when we suddenly need it.
Whether you are working or doing business or farming. It has become necessary for the common man to save. It has become just as important to invest in savings. It can get a good return and increase your amount and turn it into a large amount. This amount will come in handy when we suddenly need it.
What is the guarantee given by the Central Government?
"It is not a matter of concern if the bank in which your money is deposited and it is sinking has been banned from withdrawing money from your account," the central government said in Parliament. Your deposit up to five lakh rupees will be safe. This amount will be refunded in 90 days i.e. about 3 months. The government is preparing to amend the DICGC Act. Such an arrangement is being considered in Teva. DICGC stands for Deposit Insurance Credit Guarantee Corporation. This is a corporation under the Reserve Bank. Which is called Deposit Insurance and Suffix Guarantee Corporation
The budget was increased in 2021 bank cover
Depositors will be greatly relieved by the changes that the government is preparing in the DICGC Act. Those who save money from their hard earned money in banks and deposit money will get it in due course. In case of bank sinking, he will get back up to Rs 5 lakh in 90 days. Finance Minister Nirmala Sitharaman announced an increase in bank cover in Budget 2021. As per the DICGC Act, up to Rs 5 lakh will now be insured instead of Rs 1 lakh deposited in banks. If the bank goes bankrupt, the depositor will receive his money within the stipulated time as per the DICGC cover.
The decision was made due to a bank scam
The announcement was made by the Union Finance Minister to increase bank cover in the budget following a fraud at Punjab and Maharashtra Co-operative Bank. Meanwhile, financially strapped Yesbank also imposed a limit on daily withdrawals from banks.
Sometimes up to 30 thousand was the only guarantee
According to reports, before May 1993, the depositor was guaranteed to repay only Rs 30,000 of the money deposited in his account in the event of bankruptcy. It was changed in 1992 due to a security scam. After the Bank of Karad went bankrupt, the limit of the insured deposit was increased to one lakh rupees.
Now a security guarantee of up to five lakh rupees
A 2011 report by the Reserve Bank's Committee on Customer Service in Banks suggested raising the security cover for bank deposits to Rs 5 lakh. Which the government has now considered. DICGC is a corporation under the Reserve Bank. Which protects up to Rs 5 lakh deposited in banks in schemes like savings, current, recurring account or fixed deposit. If a bank defaults, DICGC will pay him the principal amount of each depositor and interest up to Rs. 5 lakhs.
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