BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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He loses it all
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It is insured by law so he gets back the whole amount
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It is insured by law up to 100 000 HUF / costumer / bank
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Detailed explanation-1: -When a bank fails, the Federal Deposit Insurance Corporation (FDIC) will arrange the sale of the bank customer’s assets to a healthy bank, or, less commonly, the FDIC will pay the bank deposits back directly. Between 2001 and 2022, 561 banks failed, according to the FDIC.
Detailed explanation-2: -If your bank is insured by the Federal Deposit Insurance Corporation (FDIC) or your credit union is insured by the National Credit Union Administration (NCUA), your money is protected up to legal limits in case that institution fails. This means you won’t lose your money if your bank goes out of business.
Detailed explanation-3: -Each depositor in a bank is insured upto a maximum of ₹ 5, 00, 000 (Rupees Five Lakhs) for both principal and interest amount held by him in the same right and same capacity as on the date of liquidation/cancellation of bank’s licence or the date on which the scheme of amalgamation/merger/reconstruction comes into force.
Detailed explanation-4: -Bank Deposit Insurance of Rs 5 Lakh | Budget 2020 Deposit Insurance Scheme is provided by RBI’s Deposit Insurance & Credit Guarantee Corporation (DICGC). It must be noted that the amount was last revised in the year 1993 from the earlier Rs 30, 000.