The Kalamkar

Savings Account: Alert to those who have deposited more than Rs 5 lakh in their bank account, know this rule of RBI

Saving upto 5 lakh: Do you know how much amount you can keep in your savings account? Yes, there is a limit in savings account also. You can keep more money. Let us know about it in detail.

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The Kalamkar News, Saving upto 5 lakh: You should read this article if you also have a savings account in which you keep your savings money. 

Do you know how much money you can keep in your savings account? Yes, there is a limit in savings account also. You cannot save more money than that limit. 

You can keep more money. We are saying this because only your money up to five lakhs remains safe if a bank goes bankrupt. You will get the same amount back.

In 2020, Finance Minister Nirmala Sitharaman changed a rule in the budget. She said that only an amount of Rs 5 lakh will be kept safe in banks. Earlier it was one lakh rupees. Let's think what will happen if you keep more money than this?

DICGC gave more amount

In 2020, the Cabinet had taken an important decision considering the account holders. It was said in the rules that bank account holders would get deposit insurance claims within 90 days, or three months. 

If a bank has been declared bankrupt or moratorium has been imposed, then the account holder can withdraw Rs 5 lakh within 90 days under the rules of DICGC. 

For this, the government has changed the Deposit Insurance and Credit Guarantee Corporation (DICGC) Act. In 2020, the government had increased the DICGC insurance premium from Rs 1 lakh to Rs 5 lakh.

How much money will you get?

There is a guarantee of Rs 5 lakh on all the accounts of an individual. Meaning, if you have made a fixed savings (FD) of Rs 5 lakh in the same bank and have also deposited Rs 3 lakh in the same account, then if the bank collapses, you will get back only Rs 5 lakh. Meaning, no matter how much money you have in your account, only five lakhs will be safe, and you will get the same five lakhs back.

How to save all the money?

Hardly any bank in the country has gone bankrupt in the last five decades. Still, you can reduce the risk of losing money by keeping your money in different banks. 

Deposit insurance cover has been increased from Rs 1 lakh to Rs 5 lakh. Experts say that it can be increased further in the coming time. Now the bank will give a premium of 12 paise on every Rs 100 deposited for the safety of your money.