What will happen to depositor’s money if a bank goes bankrupt?
Hello this is for India… What will happen to depositor’s money if a bank like ICICI goes bankrupt? Are there any protection?
Related Blogs
- Now can we have our money back? – Business – Macleans.ca
- National Broadband Plan: India Collaborates With US | WATBlog.com …
- Money Hack: When You Save Money, Actually Put It in Savings
- Force India claim Lotus stole IP | F1 Fanatic – The Formula 1 Blog
- 4 Methods To Make Money On The Internet Quickly
- World Cup Matches | India Vs Pakistan Finals T20 2007
- Neff x Maloof Money Cup NYC | Transworld Skateboarding …
Mail this post
TERMINATION EVENTS
This e-Instruction facility may be terminated by mutual consent of the Parties by giving at least one (1) month written notice. The termination of the e-Instruction facility shall be without prejudice to the execution of all outstanding Transactions entered into between the Parties. ICICI Bank shall be entitled to receive all fees and other monies becoming due up to the date of such termination. ICICI Bank shall be entitled to deduct any sum payable to it from any amounts ICICI Bank may have to remit to the Client on termination of the e-Instruction facility.
ICICI Bank reserves the right to interrupt, suspend or terminate, at any time, without specifying any reason, the access of the Client to the e-Instruction Facility offered hereunder and will make best efforts to give the Client appropriate notice of the same.
The occurrence at any time with respect to a party of any of the following events constitutes an event of default and the e-Instruction Facility may be terminated forthwith:-
(i) Failure by the party to make, when due, any payment required to be made by it, and if such failure is not remedied on or before the third Business Day after notice of such failure is given to the Party;
(ii) Failure by the party to comply with or perform any obligation under the terms and conditions specified hereunder and if such failure is not remedied on or before the thirtieth day after notice of such failure is given to the party;
(iii) A representation made or deemed to have been made by the parties proves to have been incorrect or misleading in any material respect when made or deemed to have been made;
sorry, don’t live in India, so not knowing what their laws are, u need to research that and get back 2 us.
In Canada we have the Canadian Deposit Insurance Corporation. In the USA they have the Federal Deposit Insurance Corporation. Both protect deposits up to $100,000 in bank accounts. Many countries have similar organizations that protect people’s deposits like these. Deposit insurance was put in place by many governments to prevent a run on the banks causing massive bankruptcies in banks, which triggered the Great Depression. I don’t know what it would be in India if there is, but ask your bank if they have any type of deposit insurance.