Banking: How much money will the customers get back if the bank collapses, know the new rules..

The Reserve Bank of India (RBI) recently co-operative Rabobank U.A. But for not complying with the rules, a fine of one crore rupees has been imposed. Customers of banks like PMC and Lakshmi Vilas had to face difficulties earlier. Many cooperative banks in the country are facing various problems. In such a situation, the question remains in the mind of the account holders of banks that if their bank defaults or drowns then what will happen to their deposited money? How much amount is safe and how much money will be returned?

The Central Government in the year 2020 Deposit Insurance and Credit Guarantee Corporation (DICGC) Act. Had changed. After this, the guarantee of the amount deposited in the bank became five lakh rupees. Earlier, the account holders used to get a deposit guarantee up to a maximum of Rs 1 lakh. Now your amount up to five lakh rupees deposited in banks is safe. That is, if the bank account in which your money is deposited sinks, then you will get back the amount of five lakh rupees.

What will happen if the amount deposited in the bank is more than five lakh
A security guarantee of Rs 5 lakh on bank deposits means that no matter how much money you deposit in a bank if the bank defaults or sinks, you will get back only Rs 5 lakh. If you have accounts in many branches of the same bank and the amount deposited in them is more than five lakhs, even then only five lakh rupees will be returned. That means only your deposits up to Rs 5 lakh will be insured.

DICGC is responsible for the payment
However, according to experts, the government does not allow the crisis-ridden bank to sink and merges it with a bigger bank. If a bank collapses, DICGC is responsible for paying all the account holders. DICGC takes a premium from banks in return for guaranteeing this amount.
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