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Bank Account: If you have an account in several branches of a bank, then know how much money you will get back if the bank collapses...

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Nowadays there would hardly be any person who does not have a bank account. Especially, after the launch of PM Jan Dhan Account Scheme, crores of bank accounts have been opened in the country. Due to this, the deposits of customers with banks have increased significantly. But have you ever wondered how much money you will get, or whether you will get money at all if the bank sinks or is declared bankrupt?

To deal with such a situation, banks provide insurance cover on the deposits of customers which is Rs 5 lakh. Earlier this amount was Rs 1 lakh. This cover is provided under the Deposit Insurance and Credit Guarantee Corporation (DICGC), a wholly-owned subsidiary of the Reserve Bank of India. People have many questions in their minds regarding the money received when a bank collapses. The bank gives Rs 5 lakh on one account, but if the account is in different branches of the same bank, then how much money will you get? Know the answers to some such questions here.

In which banks the scheme will be implemented

Under this scheme, all the commercial banks of India (foreign banks, rural banks, co-operative banks) have been included. That means, there is a guarantee of insurance of Rs 5 lakh in these. However cooperative societies are outside this scope. But the maximum amount available on insurance under DICGC will be Rs 5 lakh, which will include principal and interest.

Accounts in many branches and the bank sinks.

If you have opened accounts in your name in multiple branches of the same bank, then all the accounts will be considered as one. The amount of all these will be added and if the amount taken together is less than Rs 5 lakh, then the amount will be equal to the amount deposited. If the amount deposited is more than Rs 5 lakh, then only Rs 5 lakh will be given. No matter how much your deposit is more than this.

What are the rules in FD and other schemes?

If you have made an FD in the bank and have also invested money in a savings account or recurring account or anything else, then by adding all the amounts you will be given a maximum amount of Rs 5 lakh. If after adding all the amounts the amount is Rs 5 lakh or less then only the amount deposited will be given. But if the amount exceeds Rs 5 lakh then you will have to suffer loss.

What if I have accounts in 2 banks and both go bankrupt?

I wish such a situation never comes, but it is important to know these things for information. If you have opened accounts in two different banks and both the banks go bankrupt, then in this situation you can get an amount of Rs 5 lakh each from both the banks. Keep in mind that the maximum limit of insurance is Rs 5 lakh. If the deposited amount is less than Rs 5 lakh then only what is deposited will be given.

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