Bank Deposit: Those who deposit money in banks are confident that now their capital is completely safe. But, if the bank sinks or goes bankrupt or suffers loss in some disaster, will you get your money back? Every depositor should ask himself this question and also know the correct answer.
New Delhi. Everyone uses a bank account. People also keep money deposited in their savings account. But, do you know how much money is safe to keep in a savings account. Even if the bank sinks or goes bankrupt, you will not lose a single penny. If you deposit more money than this, your money will be lost.
The government launched the scheme to open Jan Dhan account, after which everyone has their own account. Under Jan Dhan Yojana alone, about 45 crore accounts were opened across the country. But, hardly anyone knows how much money is safe to keep in one’s account. Although banks do not sink or go bankrupt easily, there are many examples where banks have gone bankrupt. Recently, a similar case had come before Yes Bank, where it was on the verge of bankruptcy.
What is the responsibility of banks
It is not that your money kept in banks is always safe. Suppose there is a theft or robbery in a bank or there is a loss in any disaster, then the banks do not give any guarantee on your entire money. In such a situation, it becomes more important to know how much amount is the responsibility of the banks to return. You will not be given more money than that. No matter how much amount you have deposited in your account.
How much guarantee do banks take?
Now we will tell you how much money the 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. The Deposit Insurance and Credit Guarantee Corporation (DICGC) of the Reserve Bank guarantees your deposit, but keep in mind that this amount should not exceed Rs 5 lakh in any case.
Account or FD guarantee only Rs 5 lakh
It is not that only one bank guarantees your amount up to Rs 5 lakh. No matter how much money is deposited in your different accounts, there will be a guarantee of only Rs 5 lakh on it. Whether you keep this money in a savings account or a current account or get an FD. Overall, the bank will be obliged to return only Rs 5 lakh to you.
