Along with this message, some people even posted the following message which doubted even the fundamentals of HDFC BANK !!
So in effect whether it's your
PSU (GOVT) Bank SBI
or the private HDFC BANK,
your neighbouring CO-OPERATIVE BANK,
even branches of Foreign banks operating in India
The present Govt is seriously considering INCREASING this limit soon.
In fact, this should be followed by all the banks
In fact, this practice should have been followed long back and followed by all the banks and thankfully HDFC BANK has taken the lead in this direction and deserves to be applauded.
I sincerely request all my readers and investors to IGNORE this kind of malice fake news and rather focus on creating WEALTH.
However, one thing which you should make NOTE of is that only 1 lakh is GUARANTEED but any amount above that you may get nothing if the Bank collapses.
So IT MAKES SENSE TO DIVERSIFY YOUR SAVINGS AND INVESTMENTS INTO DIFFERENT BASKETS AND NOT ONLY PROTECT YOUR HARD EARNED MONEY BUT ALSO ENJOY THE BENEFITS OF COMPOUNDING.
While you already are aware that MUTUAL FUNDS ARE SUBJECT TO MARKET RISK...
It would also be better to be aware that your FIXED DEPOSITS (above 1 lakh) IS SUBJECT TO SYSTEMATIC FAILURE RISK.!!
So, you could look at alternatives to FD like
Short Term Fund
Do contact your Financial advisor before investing.