6ix9ine
TF Legend
Indeed, very few understand it.
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Stable Money RuPay Credit Card launched by Suryoday bank | 10 Airport lounge access, Spa, Golf, Health Checkup etc
- Thread starter Abhishek012
- Start date
- Replies 593
- Views 22K
Those who know don't get carried away...
the.avhishek
TF Premier
yes, i requested for inquiry removal from CIBIL but they rejected my request.
It takes 90 days, when a bank gets liquidated a application must be filled out by the customer. DIGC then verifies the details and starts the the reimbursement process. The application submission date is till 45 days after the liquidation has started and it will take additional 45 days for reimbursement if the details are valid (aka 90 days).
There are banks who went under and got liquidated. DIGC indeed fulfilled the promise and reimbursed the customers within 90days. You can read articles about it, how the process was and how to fill the forms, very easy to find.
Not to mention, banks like Unity or Northeast and other SFBs were NBFCs before which got approved to act as a bank.
Upto 5 lakhs is insured including the interest from DIGC.
However I do understand the concern, any principal is at risk in other person's hand, even the government.
Infact the risk is even more with big banks, if HDFC or SBI were to fail entire Indian economy would face a crisis so extreme that even DIGC would not be able to keep up.
So be careful, only invest upto 5 lakhs including interest and as always, if it seems to good to be True, stay away.
For example only, Lokmanya NBFC is offering a staggering 10.3% interest on deposits but I did not invest in it just because it seemed too good to be True (or too greedy for myself to risk the principal.)
This is no way an investment advice and I am not accusing the institution of being untrustworthy. This example along with my entire comment is just my own pure thought for myself presented as an example.
Please do not rely on me for investment, I am not a smart person and not reliable at all.
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🤣🤣 Sure thanks for the advice
I will try not to follow you 🤣
shashankverma
TF Premier
That’s what is called Risk free, one that eventually settles for sure.
brightknight
TF Ace
are there any SFB for which one had to opt to DICGC? Govt didn't let YEs bank failed. it's risky i know but i always reading about co-operative bank failing all the time. which i didn't even know existed.
Firstly, thats not what risk free means.
Secondly, do you understand money losses value over time? 1L received 10 years later would be worth only 30% of today's 1L.
shashankverma
TF Premier
It takes 90 days once the bank license is cancelled which takes around 90-180 days in itself. In worst case scenario the money is given back within 1 year of bank failure.
Similar thing can happen if the Fund house fails where you have been doing mutual fund SIP
That’s not even covered by insurance.
mrbean
TF Premier
These days, a lot of people are using Small Finance Banks (SFBs) along with their regular banks.
For example, Slice SFB offers a solid 6% interest on savings. Both Slice and Suryoday SFB are covered under DICGC, so deposits up to ₹5 lakh are insured — but that’s the only real safety net.
That said, there are some concerns. Slice SFB (formerly North East SFB) had a loss of ₹152.67 crore in its last annual report. Suryoday also showed a small loss and has higher NPAs.
SFB investment are significantly risky.Thats why they are giving higher interest.
Even I have invest in SFB
Note: This is just for info, not an investment recommendation.
dg667788
TF Neo
Cut it from the middle, you'll get 2 cards.
Risk hai tho Ishq h .. 5 lakh taak bindas khelo
mrbean
TF Premier
They’re not even giving proper cashback to the primary holder 🤣. I wonder if they give any cashback to the add-on cardholder
