LIVE GST Certification Course by CA Arun Chhajer begins 27th April. Register Now!!

Fixed deposit safety

SACHIN KHETAWAT (Student) (349 Points)

10 November 2013

whether it is secured to invest in fd of private bank like idbi, ing vysaya etc . i mean if banks will bankrupt then wat can be happen??

Reply
Follow
Share

3 Replies

Deepak Gupta (CA Student) (15922 Points)
Replied 11 November 2013

Originally posted by : sachin ca-ipcc
	whether it is secured to invest in fd of private bank like idbi, ing vysaya etc . i mean if banks will bankrupt then wat can be happen??

> Each depositor in a bank is insured by Deposit Insurance and Credit Guarantee Corporation (DICGC) upto a maximum of Rs.1,00,000 for both principal and interest and paid back in the event of failure of the bank.
.
> It applies to all the banks operating in India including private sector.
.
> DICGC is a wholly owned subsidiary of the RBI.

SACHIN KHETAWAT (Student) (349 Points)
Replied 11 November 2013

Thanx u so much sir And the other thing is bank is giving bond for fd.. What is bond? I mean why fd is not shown by fd name

B.SEKAR (manager-accts.) (61 Points)
Replied 11 November 2013

mr. deepak, if I puts rs.5.00 lacs as FD in a bank which has given bankruftcy notice, then I am eligible for 1.00 lac with interest and balance rs.4.00 lacs?????????????????????? "theyvuda, like myself who has saved money by locking mouth to hand, is to pay for them????? I am a aged person>>>>sekar