Flipkart Super Money superFD

[Sushubh]

 

[Adithya]

What's the guarantee btw? Will we get out money back if these banks go under?

 

[Sushubh]

As mentioned in screenshot, 5L is insured by government. Good luck with that

 

[manu1991]

DIGC does insure upto 5 lacs, but it can take upto 1 year to get your money back.

 

[Sushubh]

There were reports that most banks are not even depositing required funds for this 5L insurance with the relevant body a while ago.

Can't seem to find it now. It used to be 1L till few years ago but stuck on 5L for a while now. They really should keep on increasing it regularly. Though I suppose 5L still covers 90%+ of deposits. Folks like me are fucked in case the bank fails.

 

[manu1991]

At the very least, have an option for people to pay a nominal fee to get a higher amount insured.