Deposit Top Safe
Deposit Top Safe
Are you one of many who feel that their deposits in the nationalized banks are safe, read ………….
In general, people who have in banks, if the money deposited in nationalized banks, their deposits are safe. Because the nationalized banks are government owned and the government will pay deposits. But in reality it is not.
Indians have deposited Rs. 9,85,000 crore in various banks. In the past 5 years have deposits up over 100%. When the market share was rising, private and cooperative banks were paying about 0.5% or more of the nationalized banks and people were putting their money with the nationalized banks. But now they have lost confidence and withdrew deposits from other banks and banks are being nationalized, thinking who are making the right move. However, deposits of up to Rs. 1 lac per account is insured with any bank – private or nationalized or cooperative banks.
There is a subsidiary RBI – Deposit Insurance and Credit Guarantee Corporation of India (DICGCI). When we open an account at any bank, the bank pays DICGCI Rs. 100 as insurance premium of Rs. 1 Lac. So if the bank is broken, we can get Rs. Maximum 1 Lac. If we want to cover the deposits of more than 1 Lac, we have to buy a separate policy and they have to pay the premium regularly. Another option is to open more accounts in different banks and deposit no more Rs. 90,000 in each account, as the limit of 1 Lac is the interest on their deposits. If the account is held in the common name (s), then the holder of account only the first is the sum. For a joint account coverage limit remains 1 LAC (as the insurance is per account).
Central Government to provide this avoided since 1962. The limit was raised to 1 Lac in 1993. In the past 15 years, there is no change in the limit. Now the demand of depositors limit must have at least 5 Lakes. From 1969 (following the nationalization of banks), no bank has gone bankrupt, does not ensure it will never happen. During the 31 banks became financially weak, but were merged with other banks to protect the interests of its depositors. Since the last 5 years, banks are giving loans freely. The loans are granted to persons who are unable to repay the loan at any time can force banks into bankruptcy.
More to note:
- What you place in the safe locker Bank no insurance anyway. In Delhi, security locker of a bank was looted and no one was paid as banks offer safe deposit box office under a contract with customers.
- According to the strong law insurance, deposit insurance scheme is applicable only in case of dissolution, liquidation or merger, etc. of a registered insured bank. As such, theft damage, theft and others are beyond the scope of scheme.Now you know you and your deposits are not insured. DICGCI but can not afford the 1Lac insured. (For reference, the deposits of Lehman Brothers were insured and the insurance companies had to pay Rs 60,000 million USD depositors. But instead of paying the insurance companies have gone to court. And if the court orders to pay so many of these companies are in ruins. )
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Article Source: ArticlesBase.com – Bank Deposits are not as Safe as You Think
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