Hot Deal Is your money safe in Government banks?

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A big chunk of money(retired sevice funds) is sitting idle in my dad’s bank account (Central Bank of India) and we are worried abouts it’s security, he hasn’t fixed deposited the amount yet as we are looking to buy property with that money but due to Covid things are getting delayed..With horror stories like PMC scam, privatisation we are getting little worried…. suggestion pls ( My dad doesn’t have multiple bank accounts)

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Yes… Absolutely safe in any Indian government owned bank… Firstly because they are majority owned by the government (CBI is 93% owned by GOI) and the government keeps on infusing funds to keep their Capital Adequacy Ratio at 12%. If the government finds it difficult to infuse funds, they merge them into larger stronger PSU banks

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Instead of sitting idle park the money in FDs will fetch you more than mere savings interest

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Maverickz wrote:

Yes… Absolutely safe in any Indian government owned bank… Firstly because they are majority owned by the government (CBI is 93% owned by GOI) and the government keeps on infusing funds to keep their Capital Adequacy Ratio at 12%. If the government finds it difficult to infuse funds, they merge them into larger stronger PSU banks

Thanks for the information. VU

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SastaRaju wrote:

Instead of sitting idle park the money in FDs will fetch you more than mere savings interest

Raju Bhai as I said, we are looking for a property and need liquidity, breaking the FD prematurely will attract penalty.

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flawlessking wrote:

A big chunk of money(retired sevice funds) is sitting idle in my dad’s bank account (Central Bank of India) and we are worried abouts it’s security, ….
……
…….
…….
………
suggestion pls ( My dad doesn’t have multiple bank accounts)

bhai🙂 may be you are sciencebhakt and not superstitious, but we are plainhearted Parmatmabhakts and superstitious
so please 🙏🏼 either ASAP buy
https://www.snapdeal.com/product/nazar-suraksha...
https://www.amazon.in/Dahuf-Nazar-Suraksha-Kawa...
https://www.flipkart.com/astrodidi-nazar-suraks...
or redact all that mention of ‘..big chunk of monies..’ from your post!
👀 nazar nn lagey unn monies ko!👁👁


and yes, personally, i blindly trust the government and government entities with my funds, life and safety.
and so should you, everyone evil
but only the present (central) government and not the earlier ones, the ones who put the fear of those scams or whatever in your mind.


and privatisation too (so long as done by the incumbents) is not a cause for getting anxious, worrying.
all practical management, functioning, control and due diligence remains the same as before.

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anak wrote:

and bank privatisations too (so long as done by the incumbents) is not a cause for getting anxious, worrying.
all practical management, functioning, control and due diligence remains the same as before.

but still, after evaluating the tax implications and likely need…
‏‏‎‏‏‎ ‏‏‎‏‏‎ ‏‏‎‏‏‎ ‏‏‎‏‏‎ ‏‏‎‏‏‎ ‏‏‎‏‏‎ ‏‏‎‏‏‎ ‏‏‎‏‏‎‏‏‎‏‏‎ ‏‏‎‏‏‎ ‏‏‎‏‏‎ ‏‏‎‏‏‎‏‏‎‏‏‎ ‏‏‎‏‏‎ ‏‏‎‏‏‎ ‏‏‎‏‏‎‏‏‎‏‏‎ ‏‏‎‏‏‎ ‏‏‎‏‏‎ ‏‏‎‏‏‎‏‏‎‏‏‎ ‏‏‎‏‏‎ ‏‏‎‏‏‎ ‏‏‎‏‏‎‏‏‎‏‏‎ ‏‏‎‏‏‎ ‏‏‎‏‏‎ ‏‏‎‏‏‎‏‏‎‏‏‎ ‏‏‎‏‏‎ ‏‏‎‏‏‎ ‏‏‎‏‏‎‏‏‎‏‏‎ ‏‏‎‏‏‎ ‏‏‎‏‏‎ ‏‏‎‏‏‎…they could and should be diverted/moved to call /money market schemes (mutual fund schemes), FMPs (@flawlessking but investing in FMP only and only after triple checks with some high ranking insider from AMC’s operations or some credible top corporate broker’s PCG guys) or in short yield papers/ G-secs.

but after seeking adequate guidance of or delegating to someone who is well-versed with and has transversed their way around various troughs and peaks over a couple of cycles.

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anak wrote:

bhai🙂 may be you are sciencebhakt and not superstitious, but we are plainhearted Parmatmabhakts and superstitious
so please 🙏🏼 either ASAP buy
https://www.snapdeal.com/product/nazar-suraksha...
https://www.amazon.in/Dahuf-Nazar-Suraksha-Kawa...
https://www.flipkart.com/astrodidi-nazar-suraks...
or redact all that mention of ‘..big chunk of monies..’ from your post!
👀 nazar nn lagey unn monies ko!👁👁


and yes, personally, i blindly trust the government and government entities with my funds, life and safety.
and so should you, everyone evil
but only the present (central) government and not the earlier ones, the ones who put the fear of those scams or whatever in your mind.


and privatisation too (so long as done by the incumbents) is not a cause for getting anxious, worrying.
all practical management, functioning, control and due diligence remains the same as before.

Haha lol..Good one. And Thanks for your concern blush and consolation.

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anak wrote:

but still, after evaluating the tax implications and likely need…
‏‏‎‏‏‎ ‏‏‎‏‏‎ ‏‏‎‏‏‎ ‏‏‎‏‏‎ ‏‏‎‏‏‎ ‏‏‎‏‏‎ ‏‏‎‏‏‎ ‏‏‎‏‏‎‏‏‎‏‏‎ ‏‏‎‏‏‎ ‏‏‎‏‏‎ ‏‏‎‏‏‎‏‏‎‏‏‎ ‏‏‎‏‏‎ ‏‏‎‏‏‎ ‏‏‎‏‏‎‏‏‎‏‏‎ ‏‏‎‏‏‎ ‏‏‎‏‏‎ ‏‏‎‏‏‎‏‏‎‏‏‎ ‏‏‎‏‏‎ ‏‏‎‏‏‎ ‏‏‎‏‏‎‏‏‎‏‏‎ ‏‏‎‏‏‎ ‏‏‎‏‏‎ ‏‏‎‏‏‎‏‏‎‏‏‎ ‏‏‎‏‏‎ ‏‏‎‏‏‎ ‏‏‎‏‏‎‏‏‎‏‏‎ ‏‏‎‏‏‎ ‏‏‎‏‏‎ ‏‏‎‏‏‎…they could and should be diverted/moved to call /money market schemes (mutual fund schemes), FMPs (@flawlessking but investing in FMP only and only after triple checks with some high ranking insider from AMC’s operations or some credible top corporate broker’s PCG guys) or in short yield papers/ G-secs.

but after seeking adequate guidance of or delegating to someone who is well-versed with and has transversed their way around various troughs and peaks over a couple of cycles.

KG+..Will definitely consider your advise if we have other plans besides going for a property.

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flawlessking wrote:

KG+..Will definitely consider your advise if we have other plans besides going for a property.

bow

yes i took note of the part in your OriginalPost OP where you brushed on the reason for idling of funds‏‏‎‏‏‎ ‏‏‎‏‏‎ ‏‏‎‏‏‎ ‏‏‎‏‏‎ ‏‏‎‏‏‎ ‏‏‎‏‏‎ ‏‏‎‏‏‎ ‏‏‎‏‏‎‏‏‎‏‏‎ ‏‏‎‏‏‎ ‏‏‎‏‏‎ ‏‏‎‏‏‎‏‏‎‏‏‎ ‏‏‎‏‏‎ ‏‏‎‏‏‎ ‏‏‎‏‏‎‏‏‎‏‏‎ ‏‏‎‏‏‎ ‏‏‎‏‏‎ ‏‏‎‏‏‎‏‏‎‏‏‎ ‏‏‎‏‏‎ ‏‏‎‏‏‎ ‏‏‎‏‏‎‏‏‎‏‏‎ ‏‏‎‏‏‎ ‏‏‎‏‏‎ ‏‏‎‏‏‎‏‏‎‏‏‎ ‏‏‎‏‏‎ ‏‏‎‏‏‎ ‏‏‎‏‏‎‏‏‎‏‏‎ ‏‏‎‏‏‎ ‏‏‎‏‏‎ ‏‏‎‏‏‎(that it) was for liquidity (demand at short notice. like for funding property purchase)

and my thoughts (as stated above in preceding posts) discounted the same.

haven’t studied the yield curve in a while, nor in touch with secondary market going-ons in G-sec markets, but if the writing on the wall reads that interest rates will fall…. then the yields for these papers will firm up.

of-course, the ‘do nothing’ strategy isn’t the worse either. (opportunity loss is well offset by peace of mind, if risk aversion is of utmost importance)

although (technically) liquidity is not at all a concern with call money, maybe even short term G-secs.
[(it is “almost” as easy, quick as withdrawing funds from CASA.. even if one has them (corpus) parked in money market/ money market products.]

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Your money is safe upto 5 lakhs, courtesy of DICGC. 🙂
So, ask your father to distribute his money in different banks in different accounts. 🙂🙂🙂🙂

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flawlessking wrote:

Raju Bhai as I said, we are looking for a property and need liquidity, breaking the FD prematurely will attract penalty.

With so many phising attacks it may not be safe to park Large chunks of money in a SB

FD’s add a level of safety and is as flexible as a SB.
The extra interest earned will compensate the penalty

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Government take guaranty(insurance) of upto 1lakh for government banks. Government will give you max 1 lakh if bank got closed or bankrupt.
It’s 99% in any cases government give funds to save bank and rare case government bank will be bankrupt 😇

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  • Our beloved Fakir aadmi can sell our bank anytime anywhere.
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anstar wrote:

‏‏‎‏‏‎ ‏‏‎‏‏‎ ‏‏‎‏‏‎ ‏‏‎‏‏‎ ‏‏‎‏‏‎ ‏‏‎‏‏‎ ‏‏‎‏‏‎ ‏‏‎‏‏‎ ‏‏‎‏‏‎ ‏‏‎‏‏‎ ‏‏‎‏‏‎ ‏‏‎‏‏‎ ‏‏‎‏‏‎ *Fakir aadmi can sell our banks anytime anywhere.

chup🤫😤 ekdum chup kar😠
arey fakeer ke roop meiN Bhagwaan miley heiN saakshaat “God”.
Parmatma kabhi galat nahiN karte kuch, okay¿😡
qadr karo qadr!

jo decision cloud cover meiN naa liya jaaye, woh decision hee kya?
Parmaatma jee🙇🏻 karenge‏‏‎‏‏‎ ‏‏‎‏‏‎ ‏‏‎‏‏‎ ‏‏‎‏‏‎ ‏‏‎‏‏‎ ‏‏‎‏‏‎ ‏‏‎‏‏‎ ‏‏‎‏‏‎ ‏‏‎‏‏‎ ‏‏‎‏‏‎ ‏‏‎‏‏‎ ‏‏‎‏‏‎ ‏‏‎‏‏‎ ‏‏‎‏‏‎ ‏‏‎‏‏‎ ‏‏‎‏‏‎ ‏‏‎‏‏‎ ‏‏‎‏‏‎ ‏‏‎‏‏‎ ‏‏‎‏‏‎ ‏‏‎‏‏‎ ‏‏‎‏‏‎ ‏‏‎‏‏‎ ‏‏‎‏‏‎ tou kuch soch samajh kar hee karenge na¡¿

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anak wrote:

chup🤫😤 ekdum chup kar😠
arey fakheer ke roop meiN Bhagwaan miley heiN saakshat “God”.
Parmatma kabhi galat nahiN karte kuch, okay¿😡
qadr karo qadr!

jo decision cloud cover meiN naa liya jaaye, woh decision her kya?
Parmaatma jee🙇🏻 karenge‏‏‎‏‏‎ ‏‏‎‏‏‎ ‏‏‎‏‏‎ ‏‏‎‏‏‎ ‏‏‎‏‏‎ ‏‏‎‏‏‎ ‏‏‎‏‏‎ ‏‏‎‏‏‎ ‏‏‎‏‏‎ ‏‏‎‏‏‎ ‏‏‎‏‏‎ ‏‏‎‏‏‎ ‏‏‎‏‏‎ ‏‏‎‏‏‎ ‏‏‎‏‏‎ ‏‏‎‏‏‎ ‏‏‎‏‏‎ ‏‏‎‏‏‎ ‏‏‎‏‏‎ ‏‏‎‏‏‎ ‏‏‎‏‏‎ ‏‏‎‏‏‎ ‏‏‎‏‏‎ ‏‏‎‏‏‎ tou kuch soch samajh kar hee karenge na¡¿

Our beloved bhagwanji ne kiya hai toh kuch soch samajh kr hi kiya hoga

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I would have preferred SBI or HDFC instead of CBI smile

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anak wrote:

chup🤫😤 ekdum chup kar😠
arey fakeer ke roop meiN Bhagwaan miley heiN saakshaat “God”.
Parmatma kabhi galat nahiN karte kuch, okay¿😡
qadr karo qadr!

jo decision cloud cover meiN naa liya jaaye, woh decision hee kya?
Parmaatma jee🙇🏻 karenge‏‏‎‏‏‎ ‏‏‎‏‏‎ ‏‏‎‏‏‎ ‏‏‎‏‏‎ ‏‏‎‏‏‎ ‏‏‎‏‏‎ ‏‏‎‏‏‎ ‏‏‎‏‏‎ ‏‏‎‏‏‎ ‏‏‎‏‏‎ ‏‏‎‏‏‎ ‏‏‎‏‏‎ ‏‏‎‏‏‎ ‏‏‎‏‏‎ ‏‏‎‏‏‎ ‏‏‎‏‏‎ ‏‏‎‏‏‎ ‏‏‎‏‏‎ ‏‏‎‏‏‎ ‏‏‎‏‏‎ ‏‏‎‏‏‎ ‏‏‎‏‏‎ ‏‏‎‏‏‎ ‏‏‎‏‏‎ tou kuch soch samajh kar hee karenge na¡¿

O bhai… gazab biggrin

Aap wohi ho kya hushed

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Small advice, if bank account as big amount then do transactions only with cheque or self withdrawal slip as linking bank accounts with upi, Internet banking or debit card is bit risky now a days.

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It is safe, since Govt is promoter. Govt is always last to default.

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Ofcourse it is safe.. Wel upto a small amount anyway or until the government runs short of money..

OH WAIT……………………………..

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vipin13 wrote:

Government take guaranty(insurance) of upto 1lakh for government banks. Government will give you max 1 lakh if bank got closed or bankrupt.
It’s 99% in any cases government give funds to save bank and rare case government bank will be bankrupt 😇

5 lakh brother. It’s upto 5 lakh ( principal + interest) and it encompasses all sort of banks.
The DICGC insures all deposits such as savings, fixed, current, recurring, etc. Each depositor in a Bank is insured up to a maximum of Rs.5,00,000/- (Rupees Five Lakh only) 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 https://sbi.co.in/web/personal-banking/kyc-guid... ( SBI is a PS bank.), Deposits are insured by DICGC upto Rs 5.00 lakhs per customer. (https://www.pnbindia.in/saving-deposit-gerneral...),

https://m.rbi.org.in/Scripts/FAQView.aspx...64 is the main link.

Which banks are insured by the DICGC ? Commercial Banks : All commercial banks including branches of foreign banks functioning in India, local area banks and regional rural banks are insured by the DICGC. https://www.dicgc.org.in/FD_A-GuideToDepositIns...
🙂🙂🙂🙏

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anstar wrote:
  • Our beloved Fakir aadmi can sell our bank anytime anywhere.

‘Not all banks will be privatised,’ says Nirmala Sitharaman. Source: https://www.businesstoday.in/current/economy-po...

The list, of the ones which are not going to be privatized, comprises of Punjab National Bank, Union Bank, Canara Bank and Indian Bank, and Bank of Baroda and SBI source: https://m.economictimes.com/news/economy/policy...
🙂🙂🙂🙂🙏

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flawlessking wrote:

Raju Bhai as I said, we are looking for a property and need liquidity, breaking the FD prematurely will attract penalty.

Dont keep large amount in sb account as they are prone to frauds and fraud debits.
Make fd and keep small amount only in sb account.

Go for short term fds like 1 to 3 months and select auto renewal option.

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bikidas2060 wrote:

‘Not all banks will be privatised,’ says Nirmala Sitharaman. Source: https://www.businesstoday.in/current/economy-po...

The list, of the ones which are not going to be privatized, comprises of Punjab National Bank, Union Bank, Canara Bank and Indian Bank, and Bank of Baroda and SBI source: https://m.economictimes.com/news/economy/policy...
🙂🙂🙂🙂🙏

Thats a good hope we live on everyday to do better for a better tomorrow.

N.B.
Our beloved bhagwanji ne kiya hai toh kuch soch samajh kr hi kiya hoga.
Bhagwan kare aage bhi hamara bhala karte rahe.
Time will tell the story till we have nothing to act back.

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bikidas2060 wrote:

‘Not all banks will be privatised,’ says Nirmala Sitharaman. Source: https://www.businesstoday.in/current/economy-po...

The list, of the ones which are not going to be privatized, comprises of Punjab National Bank, Union Bank, Canara Bank and Indian Bank, and Bank of Baroda and SBI source: https://m.economictimes.com/news/economy/policy...
🙂🙂🙂🙂🙏

In long run every bank will be privatized.

It is not a business of govt to be in business.

Any Developed country runs banks in the world except central bank?

Govt need to exit all businesses – it will happen in due course – whoever in power dose not going to change that course.

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flawlessking wrote:

Raju Bhai as I said, we are looking for a property and need liquidity, breaking the FD prematurely will attract penalty.

I guess no penalty for ex-staff and also extra 1.5% on FD?

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dhinchakrohit wrote:

I guess no penalty for ex-staff and also extra 1.5% on FD?

Yes extra perks for ex staff, 0.5 to 1.5 extra interest on FD with no premature withdrawal penalty…

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please🙏🏽ଭାଇ 😔

i concede i was mini-trolling from my first reply here, but it was without taking too direct names or references.

but fixated discussions on public policy or the dillydallying / going back and forth on it (policies)… is a discussion.. like spilled honey or sugar is to an ant🐜 colony. and the discussion is often forced out to…
https://www.desidime.com/discussions/odisha-bhu...

Missing