Though DICGC insures every bank and their depositors, getting the Rs.100,000 or lesser usually takes some time. Therefore, I suggest you read these guidelines of DICGC to know how safe is your money with banks in India.
Firstly, you’ll get Rs. 100,000 for Savings, Current, Fixed Deposit and Recurring Deposit only if you have that much amount or more in the account. Meaning, if you have only Rs.10,000 in your account, you will get only Rs.10,000 or so. However, if you have Rs.1 million in a single account, the maximum you’ll get is Rs.100,000 only. You won’t get any interest. And you will lose the remaining Rs.900,000.
If you have more than one account at the bank, the DICGC will pay Rs.100,000 or lower for every account. That’s because every account has separate insurance. For example, if you have one account with Rs.150,000 deposit and another with Rs.10,000, the maximum you’ll get is Rs.100,000 for the first and Rs.10,000 for the second.
Secondly, the bank will not pay you the money directly. Instead, the liquidator or organization that a court appoints will process your claim and pay the money. This money comes from DICGC. Therefore, you will not get money directly from DICGC either.
Thirdly, the amount of Rs.100,000 or lesser will be paid within two months of the closure of the bank. The process to close a bank is pretty long. This means, it’s only when RBI declares a bank as closed and an appropriate court appoints a liquidator, you can get the money.
You have to submit all documents that prove you hold an account with the bank under liquidation. The liquidator can take time to check your documents and validate your claims. This time is necessary because closure of a bank affects tens of thousands or even millions of customers.
As the above information clearly indicates, you will get only a maximum of Rs.100,000 per account if a bank closes down for any reason.
Fraud Free Bank
If we read news reports from the above links, it will be very clear that all banks in India are prone to fraud. However, there’s one bank which has never been the victim of any fraud.
Guess which bank is that?
However, this doesn’t mean that you should close all your bank accounts and rush to open an account here.
India Post Bank/ India Post Payments Bank
You might not believe this, but India Post Bank or what’s now known as India Post Payments Bank (IPPB) has never been hit by a major fraud or scam.
There’s a simple reason for this: India Post Bank/ IPPB doesn’t lend money or give any loans. The bank offers only deposit services. Meaning, you can open a Savings, Fixed or Recurring Deposit account or get other savings schemes from IPPB. But no loans of any kind.
Interestingly, India Post Bank is the largest non-lender bank in India. It has over 155,000 branches across the country that operate from post offices.
However, India Post Bank or IPPB has yet to offer several digital banking services that are common with other banks. This is being done in phases.
Closing Thoughts
Coming back to the question, how safe is your money with banks in India. I would say your money is very safe. If we read newspapers carefully, it will be clear that bank frauds haven’t really affected any customers.
Despite such a high number of frauds, it’s very rare that customers of a bank are seriously affected.
Obviously, banks try their best to avoid frauds and prevent any problems for their customers. Customers too can help in their efforts by providing proper KYC details and ensuring their account information doesn’t leak into wrong hands.
Some customers spread out their accounts over several banks as a safety measure. This might help to some extent, if you’re willing to undertake the hassles of maintaining countless bank documents and meeting minimum balance requirements of every account.Though DICGC insures every bank and their depositors, getting the Rs.100,000 or lesser usually takes some time. Therefore, I suggest you read these guidelines of DICGC to know how safe is your money with banks in India.
Firstly, you’ll get Rs. 100,000 for Savings, Current, Fixed Deposit and Recurring Deposit only if you have that much amount or more in the account. Meaning, if you have only Rs.10,000 in your account, you will get only Rs.10,000 or so. However, if you have Rs.1 million in a single account, the maximum you’ll get is Rs.100,000 only. You won’t get any interest. And you will lose the remaining Rs.900,000.
If you have more than one account at the bank, the DICGC will pay Rs.100,000 or lower for every account. That’s because every account has separate insurance. For example, if you have one account with Rs.150,000 deposit and another with Rs.10,000, the maximum you’ll get is Rs.100,000 for the first and Rs.10,000 for the second.
Secondly, the bank will not pay you the money directly. Instead, the liquidator or organization that a court appoints will process your claim and pay the money. This money comes from DICGC. Therefore, you will not get money directly from DICGC either.
Thirdly, the amount of Rs.100,000 or lesser will be paid within two months of the closure of the bank. The process to close a bank is pretty long. This means, it’s only when RBI declares a bank as closed and an appropriate court appoints a liquidator, you can get the money.
You have to submit all documents that prove you hold an account with the bank under liquidation. The liquidator can take time to check your documents and validate your claims. This time is necessary because closure of a bank affects tens of thousands or even millions of customers.
As the above information clearly indicates, you will get only a maximum of Rs.100,000 per account if a bank closes down for any reason.
Fraud Free Bank
If we read news reports from the above links, it will be very clear that all banks in India are prone to fraud. However, there’s one bank which has never been the victim of any fraud.
Guess which bank is that?
However, this doesn’t mean that you should close all your bank accounts and rush to open an account here.
India Post Bank/ India Post Payments Bank
You might not believe this, but India Post Bank or what’s now known as India Post Payments Bank (IPPB) has never been hit by a major fraud or scam.
There’s a simple reason for this: India Post Bank/ IPPB doesn’t lend money or give any loans. The bank offers only deposit services. Meaning, you can open a Savings, Fixed or Recurring Deposit account or get other savings schemes from IPPB. But no loans of any kind.
Interestingly, India Post Bank is the largest non-lender bank in India. It has over 155,000 branches across the country that operate from post offices.
However, India Post Bank or IPPB has yet to offer several digital banking services that are common with other banks. This is being done in phases.
Closing Thoughts
Coming back to the question, how safe is your money with banks in India. I would say your money is very safe. If we read newspapers carefully, it will be clear that bank frauds haven’t really affected any customers.
Despite such a high number of frauds, it’s very rare that customers of a bank are seriously affected.
Obviously, banks try their best to avoid frauds and prevent any problems for their customers. Customers too can help in their efforts by providing proper KYC details and ensuring their account information doesn’t leak into wrong hands.
Some customers spread out their accounts over several banks as a safety measure. This might help to some extent, if you’re willing to undertake the hassles of maintaining countless bank documents and meeting minimum balance requirements of every account.Though DICGC insures every bank and their depositors, getting the Rs.100,000 or lesser usually takes some time. Therefore, I suggest you read these guidelines of DICGC to know how safe is your money with banks in India.
Firstly, you’ll get Rs. 100,000 for Savings, Current, Fixed Deposit and Recurring Deposit only if you have that much amount or more in the account. Meaning, if you have only Rs.10,000 in your account, you will get only Rs.10,000 or so. However, if you have Rs.1 million in a single account, the maximum you’ll get is Rs.100,000 only. You won’t get any interest. And you will lose the remaining Rs.900,000.
If you have more than one account at the bank, the DICGC will pay Rs.100,000 or lower for every account. That’s because every account has separate insurance. For example, if you have one account with Rs.150,000 deposit and another with Rs.10,000, the maximum you’ll get is Rs.100,000 for the first and Rs.10,000 for the second.
Secondly, the bank will not pay you the money directly. Instead, the liquidator or organization that a court appoints will process your claim and pay the money. This money comes from DICGC. Therefore, you will not get money directly from DICGC either.
Thirdly, the amount of Rs.100,000 or lesser will be paid within two months of the closure of the bank. The process to close a bank is pretty long. This means, it’s only when RBI declares a bank as closed and an appropriate court appoints a liquidator, you can get the money.
You have to submit all documents that prove you hold an account with the bank under liquidation. The liquidator can take time to check your documents and validate your claims. This time is necessary because closure of a bank affects tens of thousands or even millions of customers.
As the above information clearly indicates, you will get only a maximum of Rs.100,000 per account if a bank closes down for any reason.
Fraud Free Bank
If we read news reports from the above links, it will be very clear that all banks in India are prone to fraud. However, there’s one bank which has never been the victim of any fraud.
Guess which bank is that?
However, this doesn’t mean that you should close all your bank accounts and rush to open an account here.
India Post Bank/ India Post Payments Bank
You might not believe this, but India Post Bank or what’s now known as India Post Payments Bank (IPPB) has never been hit by a major fraud or scam.
There’s a simple reason for this: India Post Bank/ IPPB doesn’t lend money or give any loans. The bank offers only deposit services. Meaning, you can open a Savings, Fixed or Recurring Deposit account or get other savings schemes from IPPB. But no loans of any kind.
Interestingly, India Post Bank is the largest non-lender bank in India. It has over 155,000 branches across the country that operate from post offices.
However, India Post Bank or IPPB has yet to offer several digital banking services that are common with other banks. This is being done in phases.
Closing Thoughts
Coming back to the question, how safe is your money with banks in India. I would say your money is very safe. If we read newspapers carefully, it will be clear that bank frauds haven’t really affected any customers.
Despite such a high number of frauds, it’s very rare that customers of a bank are seriously affected.
Obviously, banks try their best to avoid frauds and prevent any problems for their customers. Customers too can help in their efforts by providing proper KYC details and ensuring their account information doesn’t leak into wrong hands.
Some customers spread out their accounts over several banks as a safety measure. This might help to some extent, if you’re willing to undertake the hassles of maintaining countless bank documents and meeting minimum balance requirements of every account.Though DICGC insures every bank and their depositors, getting the Rs.100,000 or lesser usually takes some time. Therefore, I suggest you read these guidelines of DICGC to know how safe is your money with banks in India.
Firstly, you’ll get Rs. 100,000 for Savings, Current, Fixed Deposit and Recurring Deposit only if you have that much amount or more in the account. Meaning, if you have only Rs.10,000 in your account, you will get only Rs.10,000 or so. However, if you have Rs.1 million in a single account, the maximum you’ll get is Rs.100,000 only. You won’t get any interest. And you will lose the remaining Rs.900,000.
If you have more than one account at the bank, the DICGC will pay Rs.100,000 or lower for every account. That’s because every account has separate insurance. For example, if you have one account with Rs.150,000 deposit and another with Rs.10,000, the maximum you’ll get is Rs.100,000 for the first and Rs.10,000 for the second.
Secondly, the bank will not pay you the money directly. Instead, the liquidator or organization that a court appoints will process your claim and pay the money. This money comes from DICGC. Therefore, you will not get money directly from DICGC either.
Thirdly, the amount of Rs.100,000 or lesser will be paid within two months of the closure of the bank. The process to close a bank is pretty long. This means, it’s only when RBI declares a bank as closed and an appropriate court appoints a liquidator, you can get the money.
You have to submit all documents that prove you hold an account with the bank under liquidation. The liquidator can take time to check your documents and validate your claims. This time is necessary because closure of a bank affects tens of thousands or even millions of customers.
As the above information clearly indicates, you will get only a maximum of Rs.100,000 per account if a bank closes down for any reason.
Fraud Free Bank
If we read news reports from the above links, it will be very clear that all banks in India are prone to fraud. However, there’s one bank which has never been the victim of any fraud.
Guess which bank is that?
However, this doesn’t mean that you should close all your bank accounts and rush to open an account here.
India Post Bank/ India Post Payments Bank
You might not believe this, but India Post Bank or what’s now known as India Post Payments Bank (IPPB) has never been hit by a major fraud or scam.
There’s a simple reason for this: India Post Bank/ IPPB doesn’t lend money or give any loans. The bank offers only deposit services. Meaning, you can open a Savings, Fixed or Recurring Deposit account or get other savings schemes from IPPB. But no loans of any kind.
Interestingly, India Post Bank is the largest non-lender bank in India. It has over 155,000 branches across the country that operate from post offices.
However, India Post Bank or IPPB has yet to offer several digital banking services that are common with other banks. This is being done in phases.
Closing Thoughts
Coming back to the question, how safe is your money with banks in India. I would say your money is very safe. If we read newspapers carefully, it will be clear that bank frauds haven’t really affected any customers.
Despite such a high number of frauds, it’s very rare that customers of a bank are seriously affected.
Obviously, banks try their best to avoid frauds and prevent any problems for their customers. Customers too can help in their efforts by providing proper KYC details and ensuring their account information doesn’t leak into wrong hands.
Some customers spread out their accounts over several banks as a safety measure. This might help to some extent, if you’re willing to undertake the hassles of maintaining countless bank documents and meeting minimum balance requirements of every account.Though DICGC insures every bank and their depositors, getting the Rs.100,000 or lesser usually takes some time. Therefore, I suggest you read these guidelines of DICGC to know how safe is your money with banks in India.
Firstly, you’ll get Rs. 100,000 for Savings, Current, Fixed Deposit and Recurring Deposit only if you have that much amount or more in the account. Meaning, if you have only Rs.10,000 in your account, you will get only Rs.10,000 or so. However, if you have Rs.1 million in a single account, the maximum you’ll get is Rs.100,000 only. You won’t get any interest. And you will lose the remaining Rs.900,000.
If you have more than one account at the bank, the DICGC will pay Rs.100,000 or lower for every account. That’s because every account has separate insurance. For example, if you have one account with Rs.150,000 deposit and another with Rs.10,000, the maximum you’ll get is Rs.100,000 for the first and Rs.10,000 for the second.
Secondly, the bank will not pay you the money directly. Instead, the liquidator or organization that a court appoints will process your claim and pay the money. This money comes from DICGC. Therefore, you will not get money directly from DICGC either.
Thirdly, the amount of Rs.100,000 or lesser will be paid within two months of the closure of the bank. The process to close a bank is pretty long. This means, it’s only when RBI declares a bank as closed and an appropriate court appoints a liquidator, you can get the money.
You have to submit all documents that prove you hold an account with the bank under liquidation. The liquidator can take time to check your documents and validate your claims. This time is necessary because closure of a bank affects tens of thousands or even millions of customers.
As the above information clearly indicates, you will get only a maximum of Rs.100,000 per account if a bank closes down for any reason.
Fraud Free Bank
If we read news reports from the above links, it will be very clear that all banks in India are prone to fraud. However, there’s one bank which has never been the victim of any fraud.
Guess which bank is that?
However, this doesn’t mean that you should close all your bank accounts and rush to open an account here.
India Post Bank/ India Post Payments Bank
You might not believe this, but India Post Bank or what’s now known as India Post Payments Bank (IPPB) has never been hit by a major fraud or scam.
There’s a simple reason for this: India Post Bank/ IPPB doesn’t lend money or give any loans. The bank offers only deposit services. Meaning, you can open a Savings, Fixed or Recurring Deposit account or get other savings schemes from IPPB. But no loans of any kind.
Interestingly, India Post Bank is the largest non-lender bank in India. It has over 155,000 branches across the country that operate from post offices.
However, India Post Bank or IPPB has yet to offer several digital banking services that are common with other banks. This is being done in phases.
Closing Thoughts
Coming back to the question, how safe is your money with banks in India. I would say your money is very safe. If we read newspapers carefully, it will be clear that bank frauds haven’t really affected any customers.
Despite such a high number of frauds, it’s very rare that customers of a bank are seriously affected.
Obviously, banks try their best to avoid frauds and prevent any problems for their customers. Customers too can help in their efforts by providing proper KYC details and ensuring their account information doesn’t leak into wrong hands.
Some customers spread out their accounts over several banks as a safety measure. This might help to some extent, if you’re willing to undertake the hassles of maintaining countless bank documents and meeting minimum balance requirements of every account.
Firstly, you’ll get Rs. 100,000 for Savings, Current, Fixed Deposit and Recurring Deposit only if you have that much amount or more in the account. Meaning, if you have only Rs.10,000 in your account, you will get only Rs.10,000 or so. However, if you have Rs.1 million in a single account, the maximum you’ll get is Rs.100,000 only. You won’t get any interest. And you will lose the remaining Rs.900,000.
If you have more than one account at the bank, the DICGC will pay Rs.100,000 or lower for every account. That’s because every account has separate insurance. For example, if you have one account with Rs.150,000 deposit and another with Rs.10,000, the maximum you’ll get is Rs.100,000 for the first and Rs.10,000 for the second.
Secondly, the bank will not pay you the money directly. Instead, the liquidator or organization that a court appoints will process your claim and pay the money. This money comes from DICGC. Therefore, you will not get money directly from DICGC either.
Thirdly, the amount of Rs.100,000 or lesser will be paid within two months of the closure of the bank. The process to close a bank is pretty long. This means, it’s only when RBI declares a bank as closed and an appropriate court appoints a liquidator, you can get the money.
You have to submit all documents that prove you hold an account with the bank under liquidation. The liquidator can take time to check your documents and validate your claims. This time is necessary because closure of a bank affects tens of thousands or even millions of customers.
As the above information clearly indicates, you will get only a maximum of Rs.100,000 per account if a bank closes down for any reason.
Fraud Free Bank
If we read news reports from the above links, it will be very clear that all banks in India are prone to fraud. However, there’s one bank which has never been the victim of any fraud.
Guess which bank is that?
However, this doesn’t mean that you should close all your bank accounts and rush to open an account here.
India Post Bank/ India Post Payments Bank
You might not believe this, but India Post Bank or what’s now known as India Post Payments Bank (IPPB) has never been hit by a major fraud or scam.
There’s a simple reason for this: India Post Bank/ IPPB doesn’t lend money or give any loans. The bank offers only deposit services. Meaning, you can open a Savings, Fixed or Recurring Deposit account or get other savings schemes from IPPB. But no loans of any kind.
Interestingly, India Post Bank is the largest non-lender bank in India. It has over 155,000 branches across the country that operate from post offices.
However, India Post Bank or IPPB has yet to offer several digital banking services that are common with other banks. This is being done in phases.
Closing Thoughts
Coming back to the question, how safe is your money with banks in India. I would say your money is very safe. If we read newspapers carefully, it will be clear that bank frauds haven’t really affected any customers.
Despite such a high number of frauds, it’s very rare that customers of a bank are seriously affected.
Obviously, banks try their best to avoid frauds and prevent any problems for their customers. Customers too can help in their efforts by providing proper KYC details and ensuring their account information doesn’t leak into wrong hands.
Some customers spread out their accounts over several banks as a safety measure. This might help to some extent, if you’re willing to undertake the hassles of maintaining countless bank documents and meeting minimum balance requirements of every account.Though DICGC insures every bank and their depositors, getting the Rs.100,000 or lesser usually takes some time. Therefore, I suggest you read these guidelines of DICGC to know how safe is your money with banks in India.
Firstly, you’ll get Rs. 100,000 for Savings, Current, Fixed Deposit and Recurring Deposit only if you have that much amount or more in the account. Meaning, if you have only Rs.10,000 in your account, you will get only Rs.10,000 or so. However, if you have Rs.1 million in a single account, the maximum you’ll get is Rs.100,000 only. You won’t get any interest. And you will lose the remaining Rs.900,000.
If you have more than one account at the bank, the DICGC will pay Rs.100,000 or lower for every account. That’s because every account has separate insurance. For example, if you have one account with Rs.150,000 deposit and another with Rs.10,000, the maximum you’ll get is Rs.100,000 for the first and Rs.10,000 for the second.
Secondly, the bank will not pay you the money directly. Instead, the liquidator or organization that a court appoints will process your claim and pay the money. This money comes from DICGC. Therefore, you will not get money directly from DICGC either.
Thirdly, the amount of Rs.100,000 or lesser will be paid within two months of the closure of the bank. The process to close a bank is pretty long. This means, it’s only when RBI declares a bank as closed and an appropriate court appoints a liquidator, you can get the money.
You have to submit all documents that prove you hold an account with the bank under liquidation. The liquidator can take time to check your documents and validate your claims. This time is necessary because closure of a bank affects tens of thousands or even millions of customers.
As the above information clearly indicates, you will get only a maximum of Rs.100,000 per account if a bank closes down for any reason.
Fraud Free Bank
If we read news reports from the above links, it will be very clear that all banks in India are prone to fraud. However, there’s one bank which has never been the victim of any fraud.
Guess which bank is that?
However, this doesn’t mean that you should close all your bank accounts and rush to open an account here.
India Post Bank/ India Post Payments Bank
You might not believe this, but India Post Bank or what’s now known as India Post Payments Bank (IPPB) has never been hit by a major fraud or scam.
There’s a simple reason for this: India Post Bank/ IPPB doesn’t lend money or give any loans. The bank offers only deposit services. Meaning, you can open a Savings, Fixed or Recurring Deposit account or get other savings schemes from IPPB. But no loans of any kind.
Interestingly, India Post Bank is the largest non-lender bank in India. It has over 155,000 branches across the country that operate from post offices.
However, India Post Bank or IPPB has yet to offer several digital banking services that are common with other banks. This is being done in phases.
Closing Thoughts
Coming back to the question, how safe is your money with banks in India. I would say your money is very safe. If we read newspapers carefully, it will be clear that bank frauds haven’t really affected any customers.
Despite such a high number of frauds, it’s very rare that customers of a bank are seriously affected.
Obviously, banks try their best to avoid frauds and prevent any problems for their customers. Customers too can help in their efforts by providing proper KYC details and ensuring their account information doesn’t leak into wrong hands.
Some customers spread out their accounts over several banks as a safety measure. This might help to some extent, if you’re willing to undertake the hassles of maintaining countless bank documents and meeting minimum balance requirements of every account.Though DICGC insures every bank and their depositors, getting the Rs.100,000 or lesser usually takes some time. Therefore, I suggest you read these guidelines of DICGC to know how safe is your money with banks in India.
Firstly, you’ll get Rs. 100,000 for Savings, Current, Fixed Deposit and Recurring Deposit only if you have that much amount or more in the account. Meaning, if you have only Rs.10,000 in your account, you will get only Rs.10,000 or so. However, if you have Rs.1 million in a single account, the maximum you’ll get is Rs.100,000 only. You won’t get any interest. And you will lose the remaining Rs.900,000.
If you have more than one account at the bank, the DICGC will pay Rs.100,000 or lower for every account. That’s because every account has separate insurance. For example, if you have one account with Rs.150,000 deposit and another with Rs.10,000, the maximum you’ll get is Rs.100,000 for the first and Rs.10,000 for the second.
Secondly, the bank will not pay you the money directly. Instead, the liquidator or organization that a court appoints will process your claim and pay the money. This money comes from DICGC. Therefore, you will not get money directly from DICGC either.
Thirdly, the amount of Rs.100,000 or lesser will be paid within two months of the closure of the bank. The process to close a bank is pretty long. This means, it’s only when RBI declares a bank as closed and an appropriate court appoints a liquidator, you can get the money.
You have to submit all documents that prove you hold an account with the bank under liquidation. The liquidator can take time to check your documents and validate your claims. This time is necessary because closure of a bank affects tens of thousands or even millions of customers.
As the above information clearly indicates, you will get only a maximum of Rs.100,000 per account if a bank closes down for any reason.
Fraud Free Bank
If we read news reports from the above links, it will be very clear that all banks in India are prone to fraud. However, there’s one bank which has never been the victim of any fraud.
Guess which bank is that?
However, this doesn’t mean that you should close all your bank accounts and rush to open an account here.
India Post Bank/ India Post Payments Bank
You might not believe this, but India Post Bank or what’s now known as India Post Payments Bank (IPPB) has never been hit by a major fraud or scam.
There’s a simple reason for this: India Post Bank/ IPPB doesn’t lend money or give any loans. The bank offers only deposit services. Meaning, you can open a Savings, Fixed or Recurring Deposit account or get other savings schemes from IPPB. But no loans of any kind.
Interestingly, India Post Bank is the largest non-lender bank in India. It has over 155,000 branches across the country that operate from post offices.
However, India Post Bank or IPPB has yet to offer several digital banking services that are common with other banks. This is being done in phases.
Closing Thoughts
Coming back to the question, how safe is your money with banks in India. I would say your money is very safe. If we read newspapers carefully, it will be clear that bank frauds haven’t really affected any customers.
Despite such a high number of frauds, it’s very rare that customers of a bank are seriously affected.
Obviously, banks try their best to avoid frauds and prevent any problems for their customers. Customers too can help in their efforts by providing proper KYC details and ensuring their account information doesn’t leak into wrong hands.
Some customers spread out their accounts over several banks as a safety measure. This might help to some extent, if you’re willing to undertake the hassles of maintaining countless bank documents and meeting minimum balance requirements of every account.Though DICGC insures every bank and their depositors, getting the Rs.100,000 or lesser usually takes some time. Therefore, I suggest you read these guidelines of DICGC to know how safe is your money with banks in India.
Firstly, you’ll get Rs. 100,000 for Savings, Current, Fixed Deposit and Recurring Deposit only if you have that much amount or more in the account. Meaning, if you have only Rs.10,000 in your account, you will get only Rs.10,000 or so. However, if you have Rs.1 million in a single account, the maximum you’ll get is Rs.100,000 only. You won’t get any interest. And you will lose the remaining Rs.900,000.
If you have more than one account at the bank, the DICGC will pay Rs.100,000 or lower for every account. That’s because every account has separate insurance. For example, if you have one account with Rs.150,000 deposit and another with Rs.10,000, the maximum you’ll get is Rs.100,000 for the first and Rs.10,000 for the second.
Secondly, the bank will not pay you the money directly. Instead, the liquidator or organization that a court appoints will process your claim and pay the money. This money comes from DICGC. Therefore, you will not get money directly from DICGC either.
Thirdly, the amount of Rs.100,000 or lesser will be paid within two months of the closure of the bank. The process to close a bank is pretty long. This means, it’s only when RBI declares a bank as closed and an appropriate court appoints a liquidator, you can get the money.
You have to submit all documents that prove you hold an account with the bank under liquidation. The liquidator can take time to check your documents and validate your claims. This time is necessary because closure of a bank affects tens of thousands or even millions of customers.
As the above information clearly indicates, you will get only a maximum of Rs.100,000 per account if a bank closes down for any reason.
Fraud Free Bank
If we read news reports from the above links, it will be very clear that all banks in India are prone to fraud. However, there’s one bank which has never been the victim of any fraud.
Guess which bank is that?
However, this doesn’t mean that you should close all your bank accounts and rush to open an account here.
India Post Bank/ India Post Payments Bank
You might not believe this, but India Post Bank or what’s now known as India Post Payments Bank (IPPB) has never been hit by a major fraud or scam.
There’s a simple reason for this: India Post Bank/ IPPB doesn’t lend money or give any loans. The bank offers only deposit services. Meaning, you can open a Savings, Fixed or Recurring Deposit account or get other savings schemes from IPPB. But no loans of any kind.
Interestingly, India Post Bank is the largest non-lender bank in India. It has over 155,000 branches across the country that operate from post offices.
However, India Post Bank or IPPB has yet to offer several digital banking services that are common with other banks. This is being done in phases.
Closing Thoughts
Coming back to the question, how safe is your money with banks in India. I would say your money is very safe. If we read newspapers carefully, it will be clear that bank frauds haven’t really affected any customers.
Despite such a high number of frauds, it’s very rare that customers of a bank are seriously affected.
Obviously, banks try their best to avoid frauds and prevent any problems for their customers. Customers too can help in their efforts by providing proper KYC details and ensuring their account information doesn’t leak into wrong hands.
Some customers spread out their accounts over several banks as a safety measure. This might help to some extent, if you’re willing to undertake the hassles of maintaining countless bank documents and meeting minimum balance requirements of every account.Though DICGC insures every bank and their depositors, getting the Rs.100,000 or lesser usually takes some time. Therefore, I suggest you read these guidelines of DICGC to know how safe is your money with banks in India.
Firstly, you’ll get Rs. 100,000 for Savings, Current, Fixed Deposit and Recurring Deposit only if you have that much amount or more in the account. Meaning, if you have only Rs.10,000 in your account, you will get only Rs.10,000 or so. However, if you have Rs.1 million in a single account, the maximum you’ll get is Rs.100,000 only. You won’t get any interest. And you will lose the remaining Rs.900,000.
If you have more than one account at the bank, the DICGC will pay Rs.100,000 or lower for every account. That’s because every account has separate insurance. For example, if you have one account with Rs.150,000 deposit and another with Rs.10,000, the maximum you’ll get is Rs.100,000 for the first and Rs.10,000 for the second.
Secondly, the bank will not pay you the money directly. Instead, the liquidator or organization that a court appoints will process your claim and pay the money. This money comes from DICGC. Therefore, you will not get money directly from DICGC either.
Thirdly, the amount of Rs.100,000 or lesser will be paid within two months of the closure of the bank. The process to close a bank is pretty long. This means, it’s only when RBI declares a bank as closed and an appropriate court appoints a liquidator, you can get the money.
You have to submit all documents that prove you hold an account with the bank under liquidation. The liquidator can take time to check your documents and validate your claims. This time is necessary because closure of a bank affects tens of thousands or even millions of customers.
As the above information clearly indicates, you will get only a maximum of Rs.100,000 per account if a bank closes down for any reason.
Fraud Free Bank
If we read news reports from the above links, it will be very clear that all banks in India are prone to fraud. However, there’s one bank which has never been the victim of any fraud.
Guess which bank is that?
However, this doesn’t mean that you should close all your bank accounts and rush to open an account here.
India Post Bank/ India Post Payments Bank
You might not believe this, but India Post Bank or what’s now known as India Post Payments Bank (IPPB) has never been hit by a major fraud or scam.
There’s a simple reason for this: India Post Bank/ IPPB doesn’t lend money or give any loans. The bank offers only deposit services. Meaning, you can open a Savings, Fixed or Recurring Deposit account or get other savings schemes from IPPB. But no loans of any kind.
Interestingly, India Post Bank is the largest non-lender bank in India. It has over 155,000 branches across the country that operate from post offices.
However, India Post Bank or IPPB has yet to offer several digital banking services that are common with other banks. This is being done in phases.
Closing Thoughts
Coming back to the question, how safe is your money with banks in India. I would say your money is very safe. If we read newspapers carefully, it will be clear that bank frauds haven’t really affected any customers.
Despite such a high number of frauds, it’s very rare that customers of a bank are seriously affected.
Obviously, banks try their best to avoid frauds and prevent any problems for their customers. Customers too can help in their efforts by providing proper KYC details and ensuring their account information doesn’t leak into wrong hands.
Some customers spread out their accounts over several banks as a safety measure. This might help to some extent, if you’re willing to undertake the hassles of maintaining countless bank documents and meeting minimum balance requirements of every account.
