16 Jul 2015

Do you know that deposits with banks are insured up to 1 lac only?

One can park liquid funds in Yes Bank SF account with 7% interest and can save tax on interest earned up to Rs.10000/- giving effective yield @10%,8.75%,7.78% with tax slab  of 30%, 20% and 10% and that too on liquid funds which can be withdrawn... anytime anywhere.Yes Bank pays interest @7% on daily balances if balance exceeds Rs.One lac and @6% if it is below Rs.One Lac. 7% interest is on total balance.

Do you know that your bank balance in  Bank Deposit Accounts are Insured with Deposit Insurance and Credit Guarantee Corporation ,a wholly owned subsidiary of Reserve Bank of India , upto Rs.One Lac only . DICGC has deregistered certain Banks as per latest State wise list of Banks and  Settled Claims during last Financial Year

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