Deposit your money in multiple banks:

It is advisable to spread out your savings across multiple banks, rather than depositing all your money in one place.

This is because banks in India typically only insure deposits up to a maximum of ₹5 lahks under the Deposit Insurance and Credit Guarantee Corporation (DICGC) scheme.

If a bank were to collapse, you may lose your money beyond the insured amount. By depositing your money in multiple banks, you can reduce your risk and protect your savings.

@Financetantra


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