You would have always heard people saying that "Ek % interest kam khaa lo, lekin invest sirf nationalised banks/post office deposits main karo". Let them know that they are wrong. This is why:
1. The Deposit Insurance and Credit Guarantee Corporation (DICGC) insures deposits of up to Rs 1 lakh per customer across all branches of a bank. So you can deposit upto 1 lakh per customer in any bank including Co-operative banks who offer high rates of interest.
Tip: Just ensure that the bank has been paying all premiums of DICGC regularly before investing.
2. I hope you know the difference between scheduled banks and non scheduled banks. Google it, if you are unaware.
RBI guarantees that in case any scheduled bank fails to repay the deposit of any investor, RBI would repay your deposit within 6 months along with interest.
So why invest your money at lower rates when you have the privilege of investing at higher rates with security. Hope you make wise decisions going forward.
Stay tuned for my next article where i will tell you about the excellent secured investment opportunities available.
:)
