You have to submit all documents that prove you hold an account with the bank under liquidation. The liquidator can take time to check your documents and validate your claims. This time is necessary because closure of a bank affects tens of thousands or even millions of customers.
As the above information clearly indicates, you will get only a maximum of Rs.100,000 per account if a bank closes down for any reason.
Fraud Free Bank
If we read news reports from the above links, it will be very clear that all banks in India are prone to fraud. However, there’s one bank which has never been the victim of any fraud.
Guess which bank is that?
However, this doesn’t mean that you should close all your bank accounts and rush to open an account here.
India Post Bank/ India Post Payments Bank
You might not believe this, but India Post Bank or what’s now known as India Post Payments Bank (IPPB) has never been hit by a major fraud or scam.
There’s a simple reason for this: India Post Bank/ IPPB doesn’t lend money or give any loans. The bank offers only deposit services. Meaning, you can open a Savings, Fixed or Recurring Deposit account or get other savings schemes from IPPB. But no loans of any kind.
Interestingly, India Post Bank is the largest non-lender bank in India. It has over 155,000 branches across the country that operate from post offices.
As the above information clearly indicates, you will get only a maximum of Rs.100,000 per account if a bank closes down for any reason.
Fraud Free Bank
If we read news reports from the above links, it will be very clear that all banks in India are prone to fraud. However, there’s one bank which has never been the victim of any fraud.
Guess which bank is that?
However, this doesn’t mean that you should close all your bank accounts and rush to open an account here.
India Post Bank/ India Post Payments Bank
You might not believe this, but India Post Bank or what’s now known as India Post Payments Bank (IPPB) has never been hit by a major fraud or scam.
There’s a simple reason for this: India Post Bank/ IPPB doesn’t lend money or give any loans. The bank offers only deposit services. Meaning, you can open a Savings, Fixed or Recurring Deposit account or get other savings schemes from IPPB. But no loans of any kind.
Interestingly, India Post Bank is the largest non-lender bank in India. It has over 155,000 branches across the country that operate from post offices.
