Bank Update: The sinking phase of banks continues, know how safe is your hard earned money

Bank Update: The sinking phase of banks continues, know how safe is your hard earned money
Bank Update: The sinking phase of banks continues, know how safe is your hard earned money
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In America, in the last few weeks, 3 big banks have drowned. After SVB Financial Group and Silvergate Capital Corp, now Signature Bank has also been shut down by New York State Financial Regulators. Let’s know about it in detail.

According to the Federal Deposit Insurance Corporation (FDIC), 563 American banks have collapsed since 2001. These days America’s suddenly drowned banks have reminded us of the 2008 economic crisis. Concern is also being raised about the banking system.

At such a time, the question in the mind of many people is that even if a bank sinks, what will be its effect on the customers and what will they get? Do you know that even if the bank collapses, your money remains safe up to a limit. Know in which country how much security is available on bank deposits.

Government guarantees up to 5 lakhs in India

The only relief the depositor has in case of bank collapse or bankruptcy in India is the insurance cover provided by the Deposit Insurance and Credit Guarantee Corporation ie DICGC (Deposit Insurance and Credit Guarantee Corporation).

Now the insurance cover under DICGC has been increased from Rs 1 lakh to Rs 5 lakh. Understand in simple language, if the bank account in which your money is deposited sinks, then you will get back the amount of Rs 5 lakh, even if the amount deposited in the account is more than Rs 5 lakh.

How safe is bank deposit in these countries

  • In America, insurance cover is available on deposits up to $ 2.50 lakh (about Rs 2,06,91,950).
  • In Britain, bank customers get insurance cover on deposits up to 85,000 pounds (about Rs 84,73,070).
  • Deposits up to 75,000 Singapore dollars (about Rs 46,07,260) remain safe in Singapore.
    In Japan, the limit up to 1 crore Japanese yen (about Rs. 62,37,030) is protected.
  • People in China get insurance cover on deposits up to 5,00,000 yuan (about Rs 60,02,420).
  • In Australia, protection is given for an amount up to 2,50,000 Australian dollars (about Rs 1,37,42,500).
  • Bank customers in Hong Kong get insurance protection on deposits up to 5 lakh Hong Kong dollars (about Rs 52,73,075).
  • In South Korea, the limit of insurance on deposits is 50 million won (about Rs 31,54,735).
  • Insurance cover is available up to 2.5 lakh ringgit (about Rs 46,28,930) on bank deposits in Malaysia.

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