Income Tax Rules: Alert for those keeping more than Rs 5 lakh in savings account, know the income tax rules..
If you also have a savings account and keep your savings in it, then you must read this news. Do you know how much money you can keep in your savings account (Saving Bank limit)? Yes, there is a limit set for keeping money in the savings account. You cannot save money more than that limit. Keeping money more than the limit can become a problem for you. We are saying this because if a bank collapses then only your money up to Rs 5 lakh remains safe. You will get the same amount of money back.
In the year 2020, Finance Minister Nirmala Sitharaman changed a rule in the Budget 2020. She had said that only up to Rs 5 lakh of your money kept in banks will be considered safe. Earlier this amount was Rs 1 lakh. Let us understand what will happen if you keep more money than this.
DICGC increased the amount
Thinking about the account holders, the cabinet had taken a big decision in the year 2020. It was said in the rule that account holders of banks that are in trouble or failing will get the deposit insurance claim within three months i.e. 90 days. If any bank has been declared bankrupt or a moratorium has been imposed, then the account holder will be able to withdraw his Rs 5 lakh within 90 days under the rules of DICGC. For this, the government has made changes in the Deposit Insurance and Credit Guarantee Corporation (DICGC) Act. In the year 2020, the government increased the insurance coverage on deposits (DICGC Insurance Premium) from Rs 1 lakh to Rs 5 lakh.
How to get how much money?
There is a guarantee of Rs 5 lakh on all the accounts of an individual in any bank. Meaning, if you have made an FD (Fixed deposit) of Rs 5 lakh in the same bank and have also saved Rs 3 lakh in the same account, then if the bank collapses, you will get back only Rs 5 lakh. Meaning, that no matter how much money you have in your account, only up to Rs 5 lakh will be considered safe and you will get back that amount of Rs 5 lakh.
Actually, hardly any bank has gone bankrupt in the country in the last 50 years. But 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. According to experts, it can be increased further in the coming time. For the safety of your money, banks will now give a premium of 12 paise on every Rs 100 deposited.
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