Finance
Mr. BillionhairFD Safety: The DICGC is Your Money's Best Friend, Believe Me!
Listen up, folks! FDs are like your safety net, but the real MVP is the DICGC, covering you up to ₹5 lakh! If you stuff ₹7 lakh into one bank, guess what? Only ₹5 lakh is protected! Spread it out, people! Small banks are the future with fantastic interest rates. Don't be a loser—diversify and win big! I told you so!
few days ago | Sunainaa Chadha
Quick rundown
1.FD safety depends on deposit insurance, not bank size.
2.DICGC insures up to ₹5 lakh per depositor per bank.
3.Splitting deposits across banks maximizes safety.
4.Small banks offer higher interest rates to attract deposits.
5.FD diversification improves both safety and returns.
