SMC Global Securities Limited

What if your bank collapses tomorrow? After the ₹590 Cr fraud news at IDFC First Bank, many people are worried but here’s the clarity. Deposits in Indian banks are insured by the Deposit Insurance and Credit Guarantee Corporation (DICGC) up to ₹5 lakh (principal + interest). • All branches of the same bank are treated as one, i.e., total cover is capped at ₹5 lakh. • If you have multiple accounts (Savings, FD, RD, Current) in your name in the same bank, they are all added together, i.e., total cover remains ₹5 lakh. • Money kept in different banks gets separate ₹5 lakh insurance per bank. • The claim is filed through the bank (via a willingness form + ID proof). • Once AID is imposed, the full payout process is capped at 90 days. Note: – Any amount above ₹5 lakh per bank isn’t insured. – NBFC deposits, mutual funds, and stocks aren’t covered. [banks, bank account, fraud, update, insurance, savings, personal, finance, smc] #bankaccount #fraud #insurance #finance #smc #bankaccount #fraud #insurance #finance #smc

May this Holi colour your portfolio with growth, prosperity, and long-term gains. [stock market India, Investment, stock market, investing, holi vibes, happy holi, colour of festival] #SMC #SMCGlobal #MoneywiseBeWise #StockMarketIndia #SMC #SMCGlobal #MoneywiseBeWise #StockMarketIndia

Ever wondered which listed companies are behind your favourite gujiya? #holi #happyholi #gujiya #market #holi #happyholi #gujiya #market