FRDI Bill Impact On Saving Fixed Amount Of Money In Banks
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FRDI – New Money Bill
The new rule will come on the guarantee of deposited money in the bank, you also have an account
This is very much important to know about it, if you are having bank account in any bank. And probably almost everyone have opened their account in any bank branches and government has also initiated this process for various benefits which are provided by center government as well state government too.
FRDI Impact On Your Savings Or Bank Balance
In the future, it may be happen that you have no control over the money you have deposited in the bank. If a bank is bankrupt then it can use your money. es, some such provisions have been made in the Financial Resolutions and Deposit Insurance (FRDI) Bill 2017. This deposit will replace the Insurance and Credit Guarantee Corporation (DICGC) Act. It is being said that this will not guarantee the depositors’ money back in the bank.
Guaranteed to meet 1 lac Is Also Over
After the new rules are implemented, the guarantee for returning Rs 1 lakh will also end. Right now it is a rule that if you have any money deposited in the bank, if the bank becomes insolvent then you will get Rs 1 lakh. There is no mention of how many amounts will be guaranteed in the FRDI bill. This amount can be even less, or even greater.
What is the FRDI bill?
The purpose of the Financial Regulation and Deposit Insurance (FRDI) bill is to set up a regulation corporation that monitors financial institutions. Organize the institution categories based on risk profiles and save them from bankruptcy. It will monitor the risks of financial companies like banks and insurance. If the bank is closed, then its resolution plan will be created.
People who are taking money out of fear of drowning
According to SS Sisodia, president of the All India Bank Officers Association, the new bill has frightened the depositors in the minds of depositing deposits in banks. Many bank managers said on condition of anonymity that dozens of people are extorting money from this fear every day.
Your deposited money Will Be Used
According to the provisions of the FDI bill, to save the financial institution going bankrupt, they will be able to use the amount of the depositors along with the lending institution.
Whose Money Is Safe In The Bank
The bank deposits Rs 1 lakh of the depositor with the Reserve Bank of India’s subsidiary to the DICGC. 100 rupees per year per customer has to pay. 67 percent FDs are less than Rs. 1 lakhs. That is, if the bank fails, the small depositor will be safe due to this insurance.
How can you reduce the risk On Deposited Amount?
There is no need to panic right now. In the last 50 years, hardly any bank has been bankrupt in the country. Even then you can reduce your risk by depositing your money in different banks.