RBI Rule: Can we withdraw money from our account even after the bank closes? Know the rules

Jyoti — Thu, 20 Feb 2025 07:06:33 +0000

RBI Rule: Recently, after the disclosure of Rs 122 crore scam in New India Cooperative Bank reserve Bank has also taken a big action. During this time RBI has banned both the deposits and withdrawals of the bank.

Apart from this Bank The board of has been suspended for 12 months. In such a situation, the account holders of this bank are in a state of panic as to what will happen to their deposits now? Today we will give you information about this, whether you can withdraw money from the account even after a bank closes or it is Diwali?

RBI Rule: Deposit Insurance and Credit Guarantee Corporation

RBI says that people who have deposits up to Rs 10 lakh in their accounts will be allowed to withdraw up to Rs 5 lakh. This facility will be provided under the Deposit Insurance and Credit Guarantee Corporation. Currently, as per RBI’s instructions, bank customers are not allowed to withdraw. According to Navbharat Times, many such cases have come to light in which banks have cheated people with their deposits. On receiving complaints, the Reserve Bank investigates these banks. If the initial investigation is found to be correct, the Reserve Bank bans these banks. During this time, the bank can limit or stop the withdrawal of customers’ money. This ban remains until the investigation is completed.

As per RBI rules, in case of bank collapse, you will get a maximum of Rs 5 lakh. This claim is given under insurance. If you have Rs 2 lakh deposited in a bank and that bank collapses, you will get the entire amount back under the insurance of Rs 5 lakh, but if you have Rs 7 lakh deposited in the account, then the maximum amount you can get under insurance is Rs 5 lakh. In such a case, you will directly lose Rs 2 lakh.

If you want to keep your money safe, you can deposit your money in different banks. According to the information, this amount is insured under the Deposit Insurance and Credit Guarantee Corporation (DICGC) rules. In such a situation, keep one thing in mind. Never keep your money in small and local banks. Deposit it in Public Sector Banks (PSU) and big private banks.

The reason for this is that the level of corporate governance is very high here and so are the regulations. Avoid depositing in co-operative banks unless necessary. Also maintain your deposit limit of Rs 5 lakh with only one bank. But deposit your savings in many banks, so that when the bank defaults, your money remains safe.

RBI New rules: How much amount of claim can be received if the bank closes?

Jyoti — Mon, 17 Feb 2025 07:00:06 +0000

New India Co-Operative Bank: After the disclosure of Rs 122 crore scam in India Cooperative Bank, the Reserve Bank of India (RBI) has taken strict action against the bank. RBI has banned both deposits and withdrawals in the bank and suspended the board for 12 months.

Hitesh Mehta, the general manager of the bank, who is believed to be responsible for this scam, has been taken into custody. This action of RBI has created panic among the account holders of the bank. People are worried about their deposited money, because many customers had deposited their entire savings in this bank. Now they are facing the problem of meeting EMI, school fees and other expenses. Think once, if this bank closes down, how much money will these account holders get? What does the RBI rule say about this? Today we are going to know this.

After the scam, the biggest worry of the account holders is that their deposited money may get completely lost. Some account holders fear that Hitesh Mehta might have illegally withdrawn money by breaking into their accounts. Customers are confused about the safety of crores of rupees deposited in the bank. The customer support system and mobile app of New India Cooperative Bank are also not working. Due to this, customers are also facing difficulty in knowing the status of their accounts.

As per RBI’s instructions, bank customers will not be allowed to withdraw money. However, payments can be made from the bank for essential things like salary, rent and electricity bills. These restrictions have come into effect from February 13, 2025, which will remain in effect for the next six months.

This is the rule of RBI

The Reserve Bank has also clarified that eligible depositors will get a maximum guarantee of Rs 5 lakh under the Deposit Insurance and Credit Guarantee Corporation (DICGC). That is, if a customer has Rs 10 lakh deposited in his account, then he will have the right to claim only up to Rs 5 lakh.

As of the end of March 2024, the bank had a total deposit of Rs 2436 crore. However, until the RBI audit process is completed, customers will not be allowed to withdraw their entire deposits.

This is the new update.

Former Chief General Manager of State Bank of India (SBI), Srikant, has been given the responsibility of looking after the daily functioning of New India Cooperative Bank. Further strategy will be worked out by RBI to restructure the bank and protect the interests of the customers. The depositors of the bank need to be patient for now. Only after the investigation of RBI, the way forward will be clear whether they will be able to withdraw their entire amount or not. Customers who have deposits of less than Rs 5 lakh in the bank are likely to get insurance claim under DICGC.

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