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What happens to savings accounts when a banck declares bankrutcy?
Wiki User
∙ 12y ago
It depends on what type of bank it is.
If it is a Government/Nationalized bank, the government intervenes and ensures that all the money deposited in the bank by the customers is returned.
Central Banks, usually have a deposit insurance which covers a maximum amount until which the central bank will pay if any of the member banks declare bankurptcy. In India it is Rs. 1 lakh. So, if a private bank declares bankruptcy in India, RBI will pay upto 1 lakh per customer as compensation. 1 lakh is the upper limit. If your account balance was less than 1 lakh, you will get only as much as you had in your account.
Wiki User
∙ 12y ago
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