PMC bank account holder? ALERT! Withdraw Rs 40,000 if you have this amount in deposits
PMC Bank account holders who have little above Rs 1 lakh deposits should immediately withdraw Rs 40,000 — the withdrawal limit is given by the Reserve Bank of India to the PMC Bank customers.
PMC Bank account holders who have little above Rs 1 lakh deposits should immediately withdraw Rs 40,000 — the withdrawal limit is given by the Reserve Bank of India to the PMC Bank customers. The reason for this is simple and straightforward. The Deposit Insurance and Credit Guarantee Corporation or DICGC provides a safety net to all the marginal bank customers who have small bank savings or bank deposits of up to Rs 1 lakh. However, there is no such guarantee for your money above this amount.
In a suggestion to PMC Bank customers, Jitendra Solanki, a SEBI registered tax and investment expert said, "Those who have slightly above Rs 1 Lakh bank deposits (say Rs 1 lakh to Rs 1.4 lakh), they should immediately withdraw Rs 40,000 or whatever they have in their PMC Bank account as surplus to Rs 1 lakh because the RBI has allowed Rs 40,000 withdrawal in six months to the PMC Bank customers."
See Zee Business Live TV streaming below:
Speaking on how does the DICGC or Deposit Insurance and Credit Guarantee Corporation ensures safety of small bank deposits, SEBI registered investment expert Manikaran Singh said, "As per the DICGC norms, bank deposits up to Rs 1 lakh are insured and in case of bank default, the DGCGC will ensure return of bank deposits up to Rs 1 lakh to bank customers." Elaborating upon the process of DGCGC small bank deposit insurance rules, Manikaran Singh said, "The DGCGC norms clearly mentions that your bank deposits up to Rs 1 lakh is insured and in case of bank default (the bank has to be listed with DGCGC), the bank account holder will get his deposits up to Rs 1 lakh."
PMC Bank crisis has been hitting the headlines for the last few weeks. PMC Bank customers are under huge stress as they are concerned about their hard-earned money they have deposited in the PMC Bank. The Reserve Bank of India has allowed PMC Bank customers to withdraw Rs 40,000 in six months.
In fact, PMC Bank crisis has caused as many as 3 deaths! Two people died of heart attacks over their financial crisis stemming from RBI imposing restrictions on PMC Bank deposits withdrawal and one person, a doctor, committing suicide.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Retirement Planning: SIP+SWP combination; Rs 15,000 monthly SIP for 25 years and then Rs 1,52,000 monthly income for 30 years
Top Gold ETF vs Top Large Cap Mutual Fund 10-year Return Calculator: Which has given higher return on Rs 11 lakh investment; see calculations
Retirement Calculator: 40 years of age, Rs 50,000 monthly expenses; what should be retirement corpus and monthly investment
SBI 444-day FD vs Union Bank of India 333-day FD: Know maturity amount on Rs 4 lakh and Rs 8 lakh investments for general and senior citizens
EPF vs SIP vs PPF Calculator: Rs 12,000 monthly investment for 30 years; which can create highest retirement corpus
Home loan EMI vs Mutual Fund SIP Calculator: Rs 70 lakh home loan EMI for 20 years or SIP equal to EMI for 10 years; which can be easier route to buy home; know maths
02:40 PM IST