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Customer safety is very important in the banking sector. In recent years, cases like PMC Bank and Yes Bank have alerted people to check the financial condition of any bank before depositing money in it. Recently, RBI has also imposed restrictions on New India Co-operative Bank, which again raises the question of how safe is the bank and how to identify it.

How to check the financial condition of the bank?

The Reserve Bank of India (RBI) periodically checks the financial condition of banks and whenever any discrepancy is found, a warning is issued to the bank. Keep an eye on such warnings.

Must know the balance sheet of the bank

The financial stability of a bank can be assessed from its annual report, NPA (Non-Performing Assets) rate, and capital adequacy ratio.

Deposit insurance cover

The government has secured deposits up to Rs 5 lakh under DICGC. Even if your bank closes down, your money will be safe up to this limit.

Too Big To Fail Banks

Some banks are so big and strong that the chances of them sinking are negligible. The Reserve Bank of India (RBI) has placed State Bank of India (SBI), HDFC Bank and ICICI Bank in the category of "Too Big To Fail", which means that depositing money in these banks is the safest option.

These facilities are available in these banks.

In State Bank of India, HDFC Bank and ICICI Bank, customers get fast service, along with this, many customers also get important facilities in these banks. In all these three banks, a locker facility is available to keep gold and your valuables. Along with this, the facility of overdraft (30-day loan) is also available in these banks based on your credit history. Along with this, a quick loan facility is also available in these banks for doing small and big business. At the same time, these banks also run government schemes like other banks.

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