Most people consider their bank fixed deposits extremely safe but some recent events in Cyprus (an euro zone country) bust this myth of safety of bank deposits. The Cyprus government has decided to use the depositors’ money in bank account to pay off its debts. Deposits greater than €100,000 were frozen by the government but deposits of up to €100,000 remain protected. This is because deposits in banks up to €100,000 is insured while above €100,000 are uninsured. So the deposit that is insured would be untouched.
If such a thing can happen in Cyprus, the question is can it happen in India and how safe is your deposit with banks?
Given the above situation, you should be careful about choosing your bank.
So to be on the safer side, you should diversify your deposits in different banks and bank mainly with bigger well known banks.
Everyone hates paying taxes and always are on lookout for Options to Save Tax. However…
Are you worried and confused about Lien amount in SBI? Well you are not alone.…
Get details of latest Sovereign Gold Bond Price, Issue details, taxation and how to invest.…
Download the Excel based Income Tax Calculator India for FY 2020-21 (AY 2021-22). This compares…
Piramal Capital & Housing Finance, has come out with Piramal Capital & Housing Finance Ltd…
IIFL Home Loan, the Housing Finance company from IIFL Group has come out with IIFL…
View Comments
IDFC Bank is increasing interest rate frequently. I have high amount invested there. Do you think IDFC has any chance to fail or it is almost safe.
I came to know exim bank of India is wholly owned by government of India and offer fixed deposits with higher interest rates. Is it true? Shall I invest 30 lacs in it. How safe it is to proceed?
I am planning to invest 10 lakhs FD in bandhan bank, is it safe to invest ?
yes go ahead
Must I take out my FDs and savings from PNB due to recent news.
There’s no reason to pull your deposits or money out of Punjab National Bank. The bank may have to take a loss, but the government has a stated policy that no public sector bank will fail, so your deposits remain protected.
waiting for your answer
and I need returns without tax deduction. ...please suggest will go ahead and invest
Hi Amit,
I need monthly returns so I am planning to invest 10 lakhs.. could you please suggest me where can I invest.. I need no risk.
You can use Use SWP in Debt Funds to generate Regular Income. If not you can evaluate any of the following investments for regular income.
Which bank is safe and provide high interest for senior citizens? I am looking for upto 5 yrs max in fixed deposits shorter term is preferred. Is there a max limit on the amount. Thanks Amit
You can keep 10 lakhs fd with the Repco bank it is owned by the Government of India and will pay you monthly interest also try once and see
go for lic pension plan it will give you highest return upto 18% p.a. depending upon your age and pension option you choose.. buy on line and get additional returns. do not go through agent.
:) Never invest in any Pension Plan. Sanjay could you please point to official page showing 18% returns on LIC pension policy!
All government and private banks are safe for fixed deposit. Just be-aware of co-operative banks. You can choose Best Interest Rate on Senior Citizens Bank Fixed Deposits (updated monthly)
How safe is it to do an FD of 5 lac in IDFC bank for 366 days?
totally safe go ahead and do it!
Is solapur janata multistate bank is safe for high amount FD
do not put your single paisa in co-op bank..
for the sake of 0.5% higher interest you will loose 99.5% money , please learn from others experience..
deposit insurance is fraud.. so do not depend on it.. people have lost money in so many co-op bank but not even a single person have got Rs.1lakh from the Deposit Insurance..
This is co-operative bank and riskest of all kind of banks. Amount up to Rs 1 lakh is completely safe.