Bank deposit...
bala
(Querist) 30 January 2012
This query is : Resolved
Dear sir / madam,
I have to like deposit of 2 Lacks ( 2,00000 ) to pandyan grama bank. Somebody’s saying this bank is rural bank. So your money is not safety, you better deposit in nationalized bank like this.
But I seen this bank website, there is showing Pandyan Grama Bank ( Wholly Owned by Govt.of India. Of Tamilnadu & Indian Overseas Bank )
Question’s:
1. If pandyan grama bank get loss, who will give the public deposit amount?
2. If nationalized bank get loss, who will give the public deposit amount?
3. If private bank get loss, who will give the public deposit amount?
Thanks,
Sudhir Kumar, Advocate 
(Expert) 30 January 2012
It is financial query and is not a legal query.
This bank is wholly owned by whom :
(i)Govt.of India - the it will be nationalized Bank
(ii) Govt Of Tamilnadu - Banking is not state Subject exception is only J&K Govt which has a Govt Bank.
(iii) Indian Overseas Bank It is it self a Bank so the bank you are choosing is subsidiary. Why not to deposit in IOB itself.
Raj Kumar Makkad
(Expert) 30 January 2012
Better you raise all these questions to the relevant bank branches. We have no authority to change their own rules.
Devajyoti Barman
(Expert) 30 January 2012
No bank gives you guarantee of repayment in the event of its winding up.
Shonee Kapoor
(Expert) 31 January 2012
However, RBI mandates that saving accounts having a sum of Rs. 1,00,000/- is protected in all banks.
Regards,
Shonee Kapoor
harassed.by.498a@gmail.com
V R SHROFF
(Expert) 31 January 2012
Many Bank Depositors Lost their money in co-op and gramin banks,
do not go for a little mote interest.
Go for Nationalised Banks only.
prabhakar singh
(Expert) 01 February 2012
Go for Nationalised Banks only.But there also in one bank only one lakh is insured by RBI.
RAJU O.F.,
(Expert) 03 February 2012
Grameena Banks sponsored by Nationalised banks function as its subsidiary and can give higher rates of interest for deposits. Many times it is seen that such grameena banks lack proper control, as local politicians influence their decisions which may not be prudent and honest. Better go to a scheduled bank or nationalised bank for deposits.
