INCOME TAX7 Sept 2026
Have more than ₹5 lakh in one bank FD? Sanjay Kathuria warns of a hidden risk and reveals how to shield your money
The Deposit Insurance and Credit Guarantee Corporation (DICGC) protects only ₹5 lakh per depositor per bank, including principal and interest. Sanjay Kathuria warns that keeping big FD amounts in one bank is risky. If the bank fails, you lose beyond ₹5 lakh. Spread deposits across several banks, ₹5 lakh each. Don't chase unusually high FD rates—they may signal danger.
Key Statutory Highlights
- DICGC deposit insurance covers up to ₹5 lakh per depositor per bank, including principal and interest.
- If you have deposits with multiple banks, the ₹5 lakh limit applies separately to each bank.
- Sanjay Kathuria advises spreading FD money across several banks and warns against chasing unusually high FD rates.
Actionable Advice for Taxpayers / Founders:Check your fixed deposits now. If you have more than ₹5 lakh in any single bank, move the extra amount to another bank to keep it insured.
Statutory Disclaimer: TaxQue Shorts are AI-assisted editorial briefs for compliance awareness. This brief has not passed every source check; confirm the original notification before acting. This does not constitute formal legal or CA counsel.
TaxQue News Desk
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