Budget 2025 Expectations: To provide security to the hard-earned money of bank depositors, there has been a demand to provide insurance cover on deposits of more than Rs 5 lakh.
Budget Expectations 2025: Only 15 days are left for the presentation of the budget for the financial year 2025-26. Finance Minister Nirmala Sitharaman is busy finalizing the budget. Different stakeholders are submitting a list of their demands to the Finance Minister in the budget. Now, to provide security cover to the hard-earned money of bank depositors, there has been a demand to provide insurance cover on deposits of more than Rs 5 lakh. At present, whatever money the bank customers have deposited in the bank, insurance cover is available only on deposits up to Rs 5 lakh.
Deposit insurance facility should also be available for deposits more than Rs 5 lakh
Voice of Banking founder and former banker Ashwani Rana has submitted suggestions related to the interests of bank customers and bank employees to the Finance Minister for the budget of the financial year 2025-26. In which a demand has been made to increase the limit of insurance cover on bank deposits from Rs 5 lakh. Even if the bank customers have more than Rs 5 lakh deposited in the bank including savings account, recurring deposit or fixed deposit, in case of bank collapse, only up to Rs 5 lakh deposits get insurance cover. Earlier it was only Rs 1 lakh which was increased to Rs 5 lakh a few years ago.
Ashwani Rana suggested to the Finance Minister that 98.3% of bank customers are covered under this security cover, but for those customers whose deposits are more than 5 lakhs and they feel that their deposits are not safe in banks, a special deposit insurance should be started for them, through which customers can keep their deposits of more than 5 lakhs safe by paying some premium. Customers will feel relieved by this step of the government, while customers will prefer to keep their money in banks instead of investing their deposits in other places like chit fund, crypto currency, stock market or other such places.
Interest rate on bank deposits should be increased
Voice of Banking has demanded to create a unified complaint portal. If a unified complaint portal is started for banks also, then the customer will complain about any bank on a portal and from that portal the complaint will be sent to the concerned bank and customers will not have to go to different officers and offices for complaint. After the complaint is registered in this unified complaint portal, the complaint can be resolved within a certain time. The government has been asked to launch a deposit scheme with attractive interest rates in the budget and a request has been made to reduce the TDS on interest.
Income tax exemption on investment and savings in the new tax system
In the new tax regime, there has been a demand for income tax exemption on investment and savings, which is not available now. Due to which the culture of investment and savings is decreasing. Therefore, the government has been suggested to give exemption on investment and savings in the new tax system.
Bank employees should get this facility
Bank employees are getting loans like housing, vehicle, personal and festival at concessional interest rates. Employees have to pay income tax on the amount of difference between SBI’s interest rate and concessional rates on these loans. Voice of Banking has demanded that like railways, bank employees should also get the benefit of concessional interest rate and there should be no income tax on it and if it is levied then the bank should pay it.
