Moneylife » Personal Finance » Banking » Insurance cover also applicable to deposits in co-op banks
Insurance cover also applicable to deposits in co-op banks
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| 10/08/2012 11:04 AM |
New Delhi: The deposit insurance coverage is also applicable to all eligible deposits in co-operative banks, Finance Minister P Chidambaram informed Rajya Sabah, reports PTI.
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Comment
deepaksb 10 months ago
Insurance cover of Rs.2 Lacs is NOT sufficient.
How long back Rs.1 Lac limit was fixed?
What about inflation for all these years ?
Even present insurance cover has lot of strings attached-Limit of insurance applicable to all accounts if a person has multiple joint accounts in same bank with immediate family members.
People who had experienced collapse of banks like South India Co-Op.bank,Globel Trust bank are aware of value of Bank Deposit Insurance.
Insurance cover must be increased to Rs.5 lacs and it should be per account and not per bank/branch.
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