🚨 *Important Update: Protect Your Deposits & Savings* 🚨 The recent NICB fraud has raised fresh concerns about the safety of deposits in co-operative banks. With 430 co-operative bank failures since 1962, it's crucial to reassess where you're parking your hard-earned savings. Here's what you need to know: *Key Takeaways:* *1. Prioritize Safety Over High Interest Rates* Don't get swayed by high returns. Ensure your savings are in safe hands. *2. Diversify Your Deposits* Distribute your deposits across multiple banks to reduce risk. Ensure that no single bank holds more than ₹5 lakh of your savings to be fully covered by DICGC (Deposit Insurance and Credit Guarantee Corporation). *3. Choose Banks Wisely* Opt for a mix of public sector banks, large private banks, and small finance banks (SFBs). Keep most of your savings in a large state-owned bank for maximum safety. Only park minimal amounts in co-operative banks, and always ensure you're within the ₹5 lakh limit. *4. Reassess Your Bank Choices Periodically* Regularly check the financial health of your banks. In case of a failure, DICGC insurance ensures coverage of both principal and interest up to ₹5 lakh per bank. *What NICB Customers Should Do Now:-* - Update Bank Mandates for loan repayments, EMIs, SIPs, bills, and salary deposits. - Transfer outstanding loans to other lenders. - Notify employers and EPFO about your updated bank details. Remember, protecting your savings is a priority. Diversify and stay informed to ensure your money stays safe!