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Our goal at Way2goals is to help readers take well informed decisions before investing in financial products. Here are some links to many educational sites. How to insure your bank deposit? How to insure your bank deposit?Check with the bank if it is insured with Deposit Insurance and Credit Guarantee Corporation (DICGC).
For e.g. Ramesh and Sudha have two children, Kartik and Veena. How is it possible to secure your money in one bank? You can open accounts with different combinations. In case children are minor, check with the bank.
For more information and detail check with RBI. http://www.rbi.org.in/scripts/FAQView.aspx?Id=64 One more way of securing your deposit is open accounts in different banks. If you have accounts in different banks, then the deposit insurance coverage will be Rs. 1 lakh in each of the bank.
Term InsuranceTerm insurance is a purest form of insurance. It is a policy where if the person dies, family gets the assured money. If the person survives the term, no money back for either the person or the family. This is exactly like buying vehicle insurance. In case of accident the person is paid for the damage of the vehicle. Otherwise the person does not get anything. But still we can’t run a vehicle without insurance. So to your family term insurance is a must. The younger you are, cheaper the premium. If the term is longer you save more money. There are some policies where you get back the premium paid at the end of the term. But you will have to pay higher premium for that. We often hear the saying, “Buy term and invest the difference”. Buying wrong insurance does damage to your financial plan. So shop around before buying term insurance, you can save upto 25%. Read this article onTerm Insurance Income Tax Rates for year 2010-2011
Education cess is 2% of total tax payable, Secondary & Higher Education Cess is 1% of Total tax payable and surcharge is NIL |
If it is, each depositor in a bank is insured maximum of Rs. 1 lakh inclusive of principal and the accrued interest. All the Deposits savings, Fixed, current and recurring collectively kept in different branches of of one bank will be aggregated and maximum insurance cover of Rs. 1 lakh is paid, as all these accounts will be considered as the accounts held in the same capacity and in same right. Putting money in different branches of one bank will not protect your money of more than 1 lakh. Then how do we safeguard our deposit? Is there a way to secure your money of more than Rs. 1 lakh. Yes.|
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