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How much can you get back from your deposit if the bank goes down, don’t panic and know here

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Do you also worry about the safety of your money deposited in the bank? In recent years, amidst the news of the sinking of some small banks, the question comes in the minds of the account holders of the bank that if their bank sinks, then how much amount will be returned from their deposits. The rule regarding this was changed in the last year i.e. 2020 and the limit of guarantee on the amount deposited in the bank to the investors increased. Know here that if a bank defaults or sinks, its depositors will get the amount back.

Actually Prime Narendra Modi yesterday in the program ‘Depositor First: Guaranteed Time-bound Deposit Insurance Payment up to Rs 5 lakh’ has given information that now the depositors’ money does not sink if the bank sinks in the new situation. Citing the decision taken in 2020, PM Modi informed that this guarantee is still not there in many countries of the world. 

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what was the decision taken by the central government in 2020
The central government changed the Deposit Insurance and Credit Guarantee Corporation (DICGC) Act in the year 2020. After this, the guarantee of the deposit amount in the bank became five lakh rupees. Earlier, account holders were guaranteed deposits up to a maximum of Rs 1 lakh. Now your amount deposited in banks up to Rs 5 lakh is safe. That is, if the bank in whose account your money is deposited gets sunk, then you will get back the amount of five lakh rupees. 

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What will happen if more than 5 lakhs is deposited in the bank
The security guarantee of Rs 5 lakhs on bank deposits means that any amount you have deposited in a bank but if the bank In case of default or drowning, you will get back only Rs 5 lakh. If you have accounts in several branches of the same bank and the amount deposited in them is more than five lakhs, then only five lakh rupees will be returned. That is, your deposit amount up to Rs 5 lakh will be insured. The government does not allow it to sink and merges it with a big bank. DICGC is responsible for making payments to all account holders if a bank goes down. DICGC charges a premium from the banks in return for guaranteeing this amount.

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