Hi Shreekant,
with current Yes Bank situation, I am bit confused about continuing my Saving and FD accounts with Yes Bank. Considering what happened with PMC bank recently, I am bit worried because if similar thing happen with Yes Bank then my deposited amount would be unsafe.
My FD alone are more then 5 lakhs as I have parked my Emergency fund here.
Can you please suggest?
Thanks, Kumar
1 Answers
Dear Kumar,
The rules, guidelines and policies governing a Co-operative bank are different with that of Scheduled Commercial Banks like ICICI, SBI, YES, HDFC etc.,
It is very rare to see a scheduled bank fail in India. Even if it goes bankrupt, there are very high chances that Regulator/Govt will pitch in and make sure that it gets merged with any other interested Entity. (Ex : Global Trust Bank case).
But, if you are uncomfortable saving your hard-earned monies in YES bank then do not hesitate to move the funds to popular banks like SBI, HDFC etc.,
Related article :
Bank Deposits: Are you aware of this interesting fact?
Also, don’t keep your entire savings in one bank.
Thanks a lot Sreekanth
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