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Bank news: The Prime Minister has started many schemes for the people, due to which people are now showing more interest in opening a bank account. Some people have also opened multiple accounts in different branches of the same bank. In this situation, if the bank closes for some reason or is declared bankrupt (money refund in a bank collapses),

then the question arises whether the money deposited in all these accounts will be completely safe (how much money is safe in the bank). Let us know whether having multiple accounts in the same bank protects all your money or not and how much money you will get if this happens.

How much security of money when the bank is in crisis-

If a bank comes on the verge of bankruptcy, then according to RBI (reserve bank of india), only an amount up to Rs 5 lakh is considered safe. If you have deposited in the same bank or financial institution, then you can claim only up to a fixed amount.

This will not affect the money deposited in any branch because this rule will apply only to the total deposit amount in the bank or financial institution. Even if you try to claim it from any branch, you can still get the amount up to the limit of Rs 5 lakh. This amount is returned in some time after claiming.

Safety of money in different institutions -

In the last few decades, there have been very few incidents of financial institutions getting into trouble, but for safety you can divide your money in different institutions. By opening accounts in different banks and keeping money, your savings remain safe and the risk is reduced. When you keep money in different places, the crisis of one institution does not affect the rest of your money.

Apart from this, the insurance cover has been increased by DICGC (Deposit Insurance and Credit Guarantee Corporation), which was earlier Rs 1 lakh, has been increased to 5 lakh, due to which the security of your deposit has become even stronger and you feel safe.

This option is right-

If you keep accounts in the branches of the same bank, then the risk may increase. If you keep more than five lakhs in different accounts of the same bank, then if the bank collapses, you get only up to Rs 5 lakh (insurance covers up to 5 lakh). By the way, according to the rules, one should keep five lakhs or less in one account.

If you have 5 lakh rupees deposited in your account and three lakhs are also invested in the form of FD (fixed deposit) etc., then you cannot get the entire money if the bank collapses. In this situation, you can get back the amount only up to a limit, which does not exceed the limit of Rs 5 lakh. In such a situation, it is good to keep the investment or savings divided into several accounts or options.

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