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How to Deposit Money (>5L) Safely in Bank?

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EnthuCC

EnthuCC

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I saw a post of IDFC bank stock price which has been fallen ~ -29% in last 1 year. Apparently the bank had disappointing last two quarters.

How do I get assurance that depositing money in IDFC or in any other bank is safe or not? The DIGC insures amount only up to 5L only. Where do people with more than 5L in liquid money keep their money safe?

The recent news of Yes bank and some co-operative banks defaulting ruined many lives of their depositers.

What's the red flag which a depositor shall observe and move funds to a safer bank before any banking crisis occurs?
 
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NikhilG said:
What is rbi retail?
And point 2 or 3 is these bank stocks or in bank sa/fd?
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1-(Govt of India)Sovergien Bond issued to Retail Directly under Non Competitive Bidding(Bond Duration - 90 days to 50 years duration)
2-Bank
3-Nifty 50 cover rest

Today's auction rate of T Bills
 

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NikhilG said:
My concern is slightly similar, my friends want to park his life long savings ( he is 40) in a bank. He wants to park 1.5 crore in a bank and he needs maximum interest. He doesn't hold any gold, equity or property. He says he hate doing job and he wants to ensure he can live peacefully with bank interests( be it fd or savings account). Is any commercial bank or sfb safe for him? I suggested him to diversify in 10 different banks but he says he as OCD to keep and track it from 1-2 places only. What should he do?
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Keeping 1.5Cr in 1 or 2 busket is very very risky thing. And if it's lifelong savings for the rest of the life of a 40 years old, it's much more risky.

I think he should consult a proper financial advisor for proper financial strategies. Friendly advice won't work for him.

Overall Life long savings in *A Bank Account* is a bad idea in it's own.

PS:
1. for example let's assume SBI is the safest and it's providing high enough rate(let's assume only 😆) he keeps all there.
And in a sudden a medical emergency comes in the family and in that very day their server is down.

2. Note bandi like situation: assume only allowed to withdraw 5k/2k from a bank a day

3. COVID like situations

4. Combination of any two or three of the above situations but not limited to there.

I know these are special situations, may not happen in ages! But if you want to depend on a fixed corpus. You should consider these situations.
My take: It's not like "He should "
He must have to diversify to be able to have a good life otherwise consequences follows.
 
sunit123 said:
Financial adviror is the last person in the world to consult...they will only suggest products where they get commission
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That is also a problem.
But I think he should not invest through advisor he should only consult how to manage by giving fees. Don't ask for product. Ask for the ways or disciplines.
Everything he himself have to manage that way he can get maximum benifits.
 
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