In case of any bankrupt FD Depositors are guaranteed for payment up to Rs one lakh.My question
1)if a person deposits Rs Ten Lakhs in FDs divided into ten different account nos each of Rupees one lakh each Whether in case of bank failure whether the person is entitled for getting only Rs one lakh only,although he has ten different account numbers.
If the answer to my question is Rupees one lakh only whether it is better to distribute each of Rupees one lakh into ten different banks(NOT TEN BRANCHES OF SAME SBI) LIKE SBI,ICICI,,CANARA and like that
Please reply
1 Answers
Hi,
A new and revised Financial Resolution and Deposit Insurance (FRDI) Bill - 2017, has been introduced in the Parliament. A committee has been formed to revise the Deposit insurance provisions as well. So, we may expect some changes in this matter.
Regarding your specific query, suggest you to kindly go through below article @
https://www.relakhs.com/bank-deposits-aware-one-interesting-fact/
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