CURRENT AFFAIRS

Detailed explanation-1: -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-2: -As we say above, the Financial Services Compensation Scheme (FSCS) protects up to £85, 000 per person, per financial institution.

Detailed explanation-3: -Your investment in a bank is insured under the Deposit Insurance and Credit Guarantee Corporation (DICGC) scheme, which covers your deposits up to Rs. 1 lakh for both principal and interest amount held in the same capacity and same right. So, even if the bank you have an FD in goes insolvent, your money would be safe.

Detailed explanation-4: -The Law Behind Bank Deposits Over $10, 000 The Bank Secrecy Act is officially called the Currency and Foreign Transactions Reporting Act, started in 1970. It states that banks must report any deposits (and withdrawals, for that matter) that they receive over $10, 000 to the Internal Revenue Service.