RBI Rules: If you have accounts in multiple branches of the same bank, you will get only this much money back if you lose money, know RBI rules

New Delhi Media, Nowadays, there is hardly any person who does not have a bank account. Everyone has money in the bank. Some money is in the savings account and some is invested in FD, RD or any other scheme. This deposit amount gets an insurance cover of up to Rs 5 lakh under the Deposit Insurance and Credit Guarantee Corporation.

DICGC is a company wholly owned by the Reserve Bank. People have many questions in their minds about the money they will get in case of a bank sinking. The bank gives Rs 5 lakh on one account, but how much money will one get if the account is held in different branches of the same bank? Know the answers to some such questions here.

In which banks the scheme will be implemented-#

All commercial banks in India (foreign banks, rural banks, cooperative banks) get a guarantee of insurance of Rs 5 lakh on the amount deposited. But cooperative societies are outside this scope. But the insurance provided under DICGC will only cover a maximum of Rs 5 lakh, which will include the principal and interest.

If you have accounts in many branches and the bank sinks…

If you have opened accounts in your name in several branches of the same bank, then all such accounts will be considered as one. The amount of all these will be added and if the sum of all is less than 5 lakhs, then the amount deposited will be given. If the amount deposited is more than 5 lakhs, then only 5 lakhs will be given. No matter how much your deposit amount is.

What are the rules related to FD and other schemes-

The insurance amount of Rs 5 lakh covers any kind of deposit in the bank. This means that the amount deposited in the bank's savings account, FD, RD or any other scheme, all the deposits are added. After this, a maximum amount of Rs 5 lakh is given. If your total deposits are up to Rs 5 lakh, then your money is covered by insurance. But if it is more than this, then you have to bear the loss of any amount above Rs 5 lakh.

2 accounts in the bank and if both are sunk…

I wish such a situation never arises, but for information it is important to know these things. If you have opened accounts in two different banks and both the banks collapse, 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 that amount will be available which is deposited.

Who pays the insurance premium-

If you think that the premium for this insurance is collected from the customer, then you are wrong. The premium for the guarantee of Rs 5 lakh given under this scheme is deposited by the bank where the customer has deposited the money. Although this premium is very low, it is not taken from the customer.