Even if the bank goes bankrupt, you can still get Rs 65 lakh, so take advantage of government rules
No matter how much you deposit in the bank, the security guarantee is given only on the amount of Rs 5 lakh. This means that if the bank goes bankrupt, you can get up to Rs 5 lakh. Earlier this amount was Rs 1 lakh, which has now been increased to Rs 5 lakh. But is a safe amount of Rs 5 lakh satisfactory for you? The answer is no. Because no account holder can let his hard earned money go to waste. In that case, if you want a guarantee of accumulated capital, then you can insure your money. Its method is quite simple.
Five lakh rupees deposited in banks secured
In the recent budget, Union Finance Minister Nirmala Sitaram announced that the amount of Rs 5 lakh deposited in banks is now safe.
This amount was increased from 1 lakh to 5 lakh. This is called deposit insurance in common parlance, which applies to the amount deposited in a commercial bank. Currently, all commercial and cooperative banks are covered by insurance under the Deposit Insurance and Credit Guarantee Cooperation (DICGC) guidelines, as per the guidelines of the Reserve Bank. Primary cooperative societies are not placed in this category. This rule applies equally to current account, savings account and fixed deposit.
How to get 65 lakh rupees
This rule literally means that if your deposit in the bank is Rs 5 lakh, you will get the same amount if the bank sinks at that time, not the interest you get on it. The full amount will be available if the principal amount and interest is Rs 5 lakh or less, but did you know that you can increase the deposit insurance to Rs 65 lakh? This means that even if the bank goes bankrupt, you can still get Rs 65 lakh.
How to open FD
Simply put, if you make a fixed deposit in a joint account with your spouse, brother or child in the same bank, open an FD as a partner of a company, take an FD as a guardian of a minor, all FDs will be seen as separate rights and status. Each account will have an insurance cover of Rs 5 lakh. With this in mind, a person should deposit his investment in different FDs so that he can get maximum deposit insurance cover in a single bank. This was stated by Colonel Sanjeev Govila (Retd.), Registered Investment Adviser, SEBI.
Depending on the status and authority of the account holder, 13 different FDs can be created
You can understand this by example. There are a total of six members in a family, of which the wife of a person named A is named B. His son's name is X and daughter's name is Y. Similarly, his parents are C and D. In this way a person by that name can open an account as an individual partner, a partner of a company, a guardian of a minor son X, a guardian of a minor daughter and a director of a company. Spouses A and B can also open the same account. Depending on the status and authority of the account holder, 13 different FDs can be created. If the FD has insurance of Rs 5 lakh, the total sum insured can be up to Rs 65 lakh.
Can open FD of Rs 10 lakh in a bank
Govila says that if a person wants, he can open an FD of Rs 10 lakh in a bank. For this, as an individual investor, Rs. 2.5 lakh, a joint FD of Rs. 2.5 lakhs with his wife and two children, in which the first holder can be himself, the first account holder can keep the wife in an FD of Rs. 2.5 lakhs with his wife. This way, all your FDs will be considered separately and you will get insurance of Rs 5 lakh on all FDs.
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