Life turned misery for Pune based Rupee Co-Operative Bank depositors & account holders when RBI put restrictions on the banks last week. There is a similar case today with Surat Nagrik Sahakari Bank Limited.
As well 6 District Central Banks of Maharashtra & their depositors are in trouble due to banks deteriorated condition & one can’t say when their banking licenses will be cancelled.
As per the restrictions on above banks, depositors/account holders can withdraw maximum sum of Rs.1000/- from the saving/ current / deposits accounts. There are number of depositors who have deposited money in the bank for the different purpose like marriage,medical operations etc.There are pensioners account in the bank who are solely depend on the pension & its big question mark for such account holder of above banks. So considering situations like above one need to take proper precautions while depositing hard earned money:
- Don’t let concentrate money in single bank.Spread money within at least 2-3 banks.
- If possible ,try to avoid co-operative banks for transactions.
- There is Deposit insurance on deposits which is up to max of Rs.1 Lakh per bank. But remember that one can not guarantee when claims will be settled.It can also take 3-4 years for settlement of claim.
- Deposit insurance is separately available for different capacity accounts.E.g Mr A have deposits of Rs.1 Lakh with his name & one more deposit of Rs 1 lakh having joint name with his wife say “A+B” in the same bank.Though in both deposits A is the first owner he can enjoy separate deposit insurance as both deposits are in different capacity.So one can distribute his deposits by naming multiple way & safeguard his money.
- Keep information about your banks financial condition like its profit,NPAs & other developments within the bank.
Hopefully you are already aware of above points & taking steps towards safeguarding your hard earned money.
