Increase insurance on Saving Accounts with Indian Banks

Increase insurance on Saving Accounts with Indian Banks

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Ashwit Shetty started this petition to Reserve Bank Of India and

The Insurance amount of on all saving bank account is ₹ 1 lakh since 1993 and has not been revised since then. That means if you hold your hard earned money with a bank and the bank goes under like PMC, you are made whole for only upto ₹ 1 lakh, irrespective of the amount held by you. US banks are insured by FDIC upto $ 250K (₹ 1.77 cr).

Our bank accounts should also be insured atleast upto 20 lakhs by a government body. This will insure every bank account and people can feel a bit more safe keeping there money with Indian Banks.

The insurance value should b separate for each account and not combined accross multiple accounts.

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