PMC bank account holder? ALERT! Withdraw Rs 40,000 if you have this amount in deposits

PMC Bank account holders who have little above Rs 1 lakh deposits should immediately withdraw Rs 40,000 — the withdrawal limit is given by the Reserve Bank of India to the PMC Bank customers.

As per the DICGC norms, bank deposits up to Rs 1 lakh are insured and in case of bank default, the DGCGC will ensure the return of bank deposits up to Rs 1 lakh. Photo: Courtesy Zee Business

PMC Bank account holders who have little above Rs 1 lakh deposits should immediately withdraw Rs 40,000 — the withdrawal limit is given by the Reserve Bank of India to the PMC Bank customers. The reason for this is simple and straightforward. The Deposit Insurance and Credit Guarantee Corporation or DICGC provides a safety net to all the marginal bank customers who have small bank savings or bank deposits of up to Rs 1 lakh. However, there is no such guarantee for your money above this amount.

In a suggestion to PMC Bank customers, Jitendra Solanki, a SEBI registered tax and investment expert said, "Those who have slightly above Rs 1 Lakh bank deposits (say Rs 1 lakh to Rs 1.4 lakh), they should immediately withdraw Rs 40,000 or whatever they have in their PMC Bank account as surplus to Rs 1 lakh because the RBI has allowed Rs 40,000 withdrawal in six months to the PMC Bank customers."

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Speaking on how does the DICGC or Deposit Insurance and Credit Guarantee Corporation ensures safety of small bank deposits, SEBI registered investment expert Manikaran Singh said, "As per the DICGC norms, bank deposits up to Rs 1 lakh are insured and in case of bank default, the DGCGC will ensure return of bank deposits up to Rs 1 lakh to bank customers." Elaborating upon the process of DGCGC small bank deposit insurance rules, Manikaran Singh said, "The DGCGC norms clearly mentions that your bank deposits up to Rs 1 lakh is insured and in case of bank default (the bank has to be listed with DGCGC), the bank account holder will get his deposits up to Rs 1 lakh."

PMC Bank crisis has been hitting the headlines for the last few weeks. PMC Bank customers are under huge stress as they are concerned about their hard-earned money they have deposited in the PMC Bank. The Reserve Bank of India has allowed PMC Bank customers to withdraw Rs 40,000 in six months.
In fact, PMC Bank crisis has caused as many as 3 deaths! Two people died of heart attacks over their financial crisis stemming from RBI imposing restrictions on PMC Bank deposits withdrawal and one person, a doctor, committing suicide.

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