If you want guaranteed deposit, then you can get your money insured. This sum insured can be increased to Rs 65 lakh or more.
No matter the amount you deposit in the bank, but the security is guaranteed only on the amount of 5 lakhs. The amount of insurance ( Insurance is). This cover is provided by Deposit Insurance and Credit Guarantee Corporation (DICGC). That is, if the bank sinks, you can get up to Rs 5 lakh. Earlier this amount was Rs 1 lakh which is now Rs 5 lakh. But is the secured amount of 5 lakhs satisfactory for you? The answer would be no. Insurance ( Insurance despite) this amount is not enough for many depositors.
In such a situation, if you want a guarantee of the deposited capital, then you can insure your amount. This sum insured can be increased to Rs 65 lakh or more.
At present, as per the guidelines of the Reserve Bank, deposits in all commercial and cooperative banks are insured under the Deposit Insurance and Credit Guarantee Cooperation (DICGC). Primary cooperative societies have not been placed in this category. This rule is equally applicable to Current Account, Savings Account and Fixed Deposit.
How to get additional cover?
Simply put, if you make a fixed deposit in a joint account with your wife, brother or child in the same bank, open an FD as a partner of a company, take an FD as a guardian of a minor, then All FDs will be treated as separate rights and status. In this, an insurance cover of Rs 5 lakh will be available with every account.
Understand by example
It can be understood with an example. There are total six members in a family in which the name of the wife of a person named Pankaj is Pankaja. His son’s name is Pankit and daughter’s name is Pankti. Similarly, Pankaj’s parents are Sushil and Sushila. In this way a person named Pankaj can open an account as an individual partner, partner of a company, guardian of minor son Pushkar, guardian of minor daughter Pushkar and director of any company. Husband and wife Pankaj and Pankaja can also open similar accounts. Depending on the status and rights of the account holder, 13 different FDs can be made. If there is an insurance of 5 lakhs in an FD, then the total insurance amount can be made up to 65 lakhs.
Benefit on FD of 10 lakhs
If a person wants, he can open an FD of 10 lakhs in any bank. For this, 2.5 lakh as an individual investor, 2.5 lakh with his wife and two children in which the first holder himself is the first holder, 2.5 lakh rupees joint FD with his wife in which the first account holder can keep the wife. In this way, all your FDs will be considered separately and you will get an insurance of Rs 5 lakh on all FDs.
