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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 guidelines for mutilated defected damaged currency notes, how to exchange in banks, know here

Jyoti — Thu, 05 Sep 2024 06:03:41 +0000

Many times old or torn notes come out while transacting from ATM, or torn notes come in hand while shopping. These notes are such that it is difficult to use them. In such a situation, there is no need to worry. You can change these notes very easily in the bank. The Reserve Bank of India (RBI) has made strict rules regarding changing notes. RBI’s rule says that the bank cannot refuse to change these notes. However, the bank has also made some rules regarding torn notes. Know about those rules here-

This is the RBI rule

RBI’s rule says that torn notes can be changed in any bank. Customers can change notes at government bank branches, private bank currency chest branches or RBI issue office counters without filling any form. Banks cannot refuse to change these notes.

ATM’s torn notes

RBI’s rule says that the responsibility of ATM notes lies with the bank. It is not the responsibility of the agency that puts money in the ATM to check the note. If there is any defect in the note, then it should be checked by the bank employee only. If a note is damaged, torn or fake, then the customer can go to the branch of the bank from whose ATM he had done the transaction and change the note.

Notes can be changed upto a fixed limit

The limit for changing notes has also been fixed in the RBI rules. According to the rule, only 20 notes can be changed at a time and the value of these notes should not be more than 5000. If there are more than 20 damaged notes, then a transaction fee will be charged.

What kind of notes can be changed?

Notes on which the serial number, Mahatma Gandhi’s watermark and the Governor’s oath are visible, then these notes can be changed in the bank. However, badly burnt, torn notes cannot be changed. Such notes can be deposited only in the issue office of the Reserve Bank.

If the bank refuses to change the notes then you have the option of filing a complaint online. In such a case, a fine of up to 10 thousand rupees can be imposed on that bank.

Bank is not closing your credit card? You will get 500 rupees every day, just know these rules

Jyoti — Sat, 17 Aug 2024 12:00:17 +0000

If you have got a credit card, but now you do not want to use it and are thinking of closing it, then this news is for you. It is often seen that banks do not approve the application to close the credit card quickly or delay the process of closing the credit card, at such times the user gets upset, but today we are going to tell you such a rule, which will solve your problem.

Many times it happens that you have many credit cards. In such a situation, if you close some of your cards, then your expenses can be reduced. But if the bank is reluctant to close the card, then you should know this rule of RBI. Actually, a rule of RBI says that if a bank delays in closing the credit card, then it will have to pay a fine of Rs 500 per day to the users.

What does the RBI rule say?

According to the rules of the Reserve Bank of India, if a customer puts a request to close the credit card, then it is necessary to start the process within 7 days. If the bank or institution issuing the card is unable to do so, then after a period of 7 days, a penalty of Rs 500 per day is imposed on it and this amount has to be paid to the customer. However, one thing is important to note that there should not be any outstanding on your credit card. This rule was introduced by RBI in the year 2022.

Also Read: FD Rate: Senior citizens are getting interest up to 9.5%, see the complete list here

Credit card can be closed in just five steps.

Closing the credit card is not a difficult process. You can close the credit card very easily.

Before closing any credit card, you have to pay its dues. The credit card will not be closed until the dues are paid.
Many people do not redeem reward points before closing the credit card. You have earned these points by spending. In such a situation, it is your right to redeem them.
Many times people put standing instructions for some recurring payments on their credit cards, like insurance premium, OTT monthly charge or something else. Clear it completely before closing it.
Now you have to call the bank and tell them that you want to close the credit card. After this, they will ask for the details, after which the process will be started.
After this, when your card gets blocked, cut it so that no information reaches the wrong hands.

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