RBI Bank Rules: If you have an account in any bank and that bank goes bankrupt then you get an amount of Rs 5 lakh.
New Delhi: In the last few years, due to financial irregularities, the condition of many banks of the country had deteriorated and the situation had reached such an extent that the Reserve Bank had banned money transactions.
In such a situation, the customers of banks were the most troubled. Due to these incidents, the question arises in the minds of many people that what will happen to their money if the bank sinks?
If any bank in which you have an account goes bankrupt, you get an amount of Rs 5 lakh. Actually, according to the rules, if you have kept an amount of Rs 5 lakh or more in a bank account, then you get only Rs 5 lakh.
Government gives guarantee up to Rs 5 lakh-
Under the Deposit Insurance and Credit Guarantee Corporation (DICGC) Act, the guarantee of deposits in banks is Rs 5 lakh. Earlier this amount was Rs 1 lakh, but in the year 2020, the Central Government changed this law and increased its amount to Rs 5 lakh.
That is, if the bank account in which your money is deposited goes bankrupt, then you will get back the amount of Rs 5 lakh, even if the amount deposited in the account is more than Rs 5 lakh.
However, the government does not allow any bank in financial crisis to sink. For this, the sinking bank is merged with a bigger bank. If any bank still goes bankrupt then DICGC is responsible for making payments to all the account holders. DICGC takes a premium from banks in return for guaranteeing this amount.
What is the law and where to apply?
In case of bank collapse, as per RBI rules, information about deposits and loans of all customers has to be made available within 45 days of joining AID. After this, DICGC has to return the customers’ money within 90 days.
In the new update related to August 2022, DICGC said that it insures a total of 2,035 banks in the country. Apart from this, if you want to know whether your bank is insured or not, then you can get this information by visiting https://www.dicgc.org.in/FD_ListOfInsuredBanks.html.
Let us tell you that in the last 15 months, 3 lakh customers of 35 banks of the country have had to face such situations. Under this, the government has returned about Rs 4 thousand crores to the people.
Minister of State for Finance Dr. Bhagwat Kishanrao Karad told the Lok Sabha in December last year that 3,06,146 customers of 35 banks of the country have claimed money under the Deposit Insurance and Credit Guarantee Corporation Act. This amount was returned from September 1, 2021 to November 2022.
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