Multiple Savings Accounts: Understanding Risks and Rules for Bank Deposits

Entertainment National Sports Markets Business & Economy Lifestyle World Astrology & Religion Technology Education & Jobs Auto Politics Viral Opinions

Loading more articles...

Savings Accounts: Know the 5 Lakh Insurance Limit Risk

Savings Accounts: Know the 5 Lakh Insurance Limit Risk

N

News18•11-03-2026, 17:16

Savings Accounts: Know the 5 Lakh Insurance Limit Risk

•No inherent risk in using multiple savings accounts for transactions.
•RBI rules govern all banks, ensuring customer safety and interests.
•Deposit Insurance and Credit Guarantee Corporation (DICGC) provides insurance for savings accounts.
•DICGC insurance coverage is limited to 5 lakh rupees per depositor per bank, irrespective of the number of accounts.
•Keeping large sums in one bank's savings accounts is risky due to the 5 lakh limit and low interest rates.

Read Full Article on News18 in Bengali

✦

More like this

✦

More like this

একজনের কতগুলি সেভিংস অ্যাকাউন্ট থাকা উচিত?

Multiple Savings Accounts: How Many Can You Have? Experts Advise Limit

Don't Put All Your Eggs in One Basket: DICGC's 5 Lakh Rule Explained

Don't Put All Your Eggs in One Basket: DICGC's 5 Lakh Rule Explained

5-Year Moratorium Rule Boosts Policyholder Protection, Limits Claim Rejection

5-Year Moratorium Rule Boosts Policyholder Protection, Limits Claim Rejection

pension loans

Pensioners Beware: Loan Guarantees Can Seize Your Retirement Funds, Court Rules

Unlock More Capital: Use Your HDFC Sky Portfolio as MTF Collateral

Unlock More Capital: Use Your HDFC Sky Portfolio as MTF Collateral

TDS on full GOI bond interest in one year: How investors can avoid tax mismatch

TDS on GOI Bond Interest at Maturity? Avoid Double Taxation with Form 71