Shouldn't we keep more than Rs 5 lakh in a bank account

 Shouldn't we keep more than Rs 5 lakh in a bank account? Special Read Report

Do you have a Savings Account in a bank? Do you know how much is deposited in this savings account? That is how much money you will get back if the bank goes bankrupt for any reason. Finance Minister Nirmala Sitharaman had changed a similar rule in Budget 2020. Your amount up to Rs 5 lakh kept in banks is very safe. But what if there is more than Rs 5 lakh in the bank? Shouldn't we keep more than Rs 5 lakh in our bank account? Learn the details.

 Shouldn't we keep more than Rs 5 lakh in a bank account

The rule was changed in Budget 2020

It is learned that in the last budget, the government had increased the amount of bank guarantee to Rs 5 lakh. Earlier, the bank guarantee amount was only Rs one lakh. This rule has also come into force from 4 February 2020. Now if a bank sinks, the amount up to Rs 5 lakh in your account is very safe. The bank will refund you up to Rs 5 lakh. The cover will be provided by Deposit Insurance and Credit Guarantee Corporation (DICGC), a wholly-owned branch of the Reserve Bank.

How is the assessment done?

All the accounts of one person in any bank together have a guarantee of five lakh rupees. This means that if you have an FD (fixed deposit) of Rs 5 lakh in the same bank and you have Rs 3 lakh in the same bank's savings account, you will only get back Rs 5 lakh in case the bank goes bankrupt. No matter how much money you have in your account, the amount will only be safe up to Rs 5 lakh. In other words, if you have made Rs 10 lakh in any account and also FD separately, in case of bank sinking or bankruptcy, only Rs 5 lakh will be insured.

Also, understand the withdrawal limit of Lakshmi Vilas

In the case of Lakshmi Vilas Bank, the withdrawal limit set by the Reserve Bank is up to Rs 25,000 per person. Even if there is another account in that bank, one person will get only 25000 rupees from both accounts. This withdrawal limit applies to the person, not to the account.

Security is the responsibility of the government

Former SBI official Pradeep Kumar Rai believes that the government is responsible for the security of the money deposited in people's banks. The government cannot let any bank sink. Because it may have to pay a big political price.

The plan is ready before the bank sinks

According to Pradeep Kumar Rai, a bank or financial services company falls into the critical category or a plan is prepared to handle it. Accordingly, steps may be taken to cancel the liability of the bank. Depositors' money can also come in this bell in close. So you will be surprised to know that customer's money is the 5th liability. It is natural to be worried.

How can you save your money?

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Experts say that hardly any bank in the country has gone bankrupt in the last 50 years. However, you can reduce your risk by keeping your money in different banks. Deposit insurance cover has been increased from Rs 1 lakh to Rs 5 lakh. This change was made for the first time since 1993, about 27 years later. It may still be raised in the coming days. Experts say that to protect your money, the bank will now pay a premium of 12 paise on every Rs 100 deposit that was 10 paise earlier.