Regarding Post Office Regular POS - B Single/Joint Account and related Savings Schemes

[paras.bhalodia]

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[SSV]

In such a case, DICGC comes to rescue, but only for 5L per PAN

Any schedules bank where DICGC insurance is available, ₹5 lakhs per person will be covered.
You don't need Post office for this purpose.
If you still want PO, you can do that as well.
All the best..

Note: don't worry too much about
this, before this 5L is gone we ourselves may be gone..
Any big bank upto 5L is very very safe...
Don't put in cooperative or Non-scheduled small banks

 

[paras.bhalodia]

My real question is :

Can we all agree the Post is safest of all, and it will be the last sinking ship in our economy?

 

[VasukiVasuki is verified member.]

Hello @SSV @Vasuki @VISHESH_BANSAL and all our dear experienced banking community members!!

Kindly provide your comments on below hypothesis.

Our country may be on the path to become world's 3rd largest economy or maybe we all are dozed off while our country steadily crawls to the Great Indian Depression, doomed to hell. Who knows?

One critical infrastructure is the banking system which binds us together irrespective. In my and my parents lifetime, we have seen numerous co-operative banks collapse like a plac of cards. All the more concerning is that it happens in a span of midnight with the bank/RBI imposing complete moratorium on withdrawal of money.

In a case like COVID-19, economic collapse due to sky high mortgages, evergreening real estate inflation, maybe some scheduled banks as well might collapse.

Interestingly, I am of the opinion that SBI, LIC, PNB, IDBI were heavily used by government to bail out by investing huge sums in a failing bank/organisation etc. Which all the more makes them, very volatile.

Kotak, HDFC have been too aggressive. They also had a few minor bans recently received from RBI.

In such a case, DICGC comes to rescue, but only for 5L per PAN.

My family's net worth in liquid funds assuming is 50 Lakhs and I keep 10L in IndusInd Fixes (Joint Mother/Father), 10L in SBI (Again Joint Mother/Father) and the rest 30L in Post Office SCSS, how safe will I be?

Only an amount of 10L in Post shall be covered in DICGC of the 30L. Can we all agree the Post is safest of all, and it will be the last sinking ship in our economy?

If you think dooms day is coming in perfectly healthy economy

Cash is not the only liquidity

Coming to bank

SBI , hDfc , icici are never gonna fail bank

Coming to post office don't confuse post office with post office bank
Yes gov entity but u don't put your money on bsnl even though it's gov entity


So if you have 50
U can happily keep

50 In 3 large bank

Sbi family banking - you ,mom ,dad
Put 5 lakh fd each or have one member liquid .

Same in other 2 ..

Unless tax saving fd it can be broken at minutes


15 lakh in saving other 35 in fd

 

[SSV]

My real question is :

Can we all agree the Post is safest of all, and it will be the last sinking ship in our economy?

Yes, it is one of the SAFEST options out there..
I dont know if it is THE SAFEST.. because there may be something that I dont know may be safer than PO..
Hence PO is one of the SAFEST options, if this is what you wanted to know..

 

[vine]

Better choose FDs or liquid funds , than put in SB accounts in any nationalized banks.
But YMMV.
Just don't put in any cooperative banks.

Edit: PO may be cumbersome for your parents to visit everytime, because there is no online process and they don't visit your home.

These days banks WANT liquidity and FDs, and so you can get good % interests before the interest rate downturn, which will happen soon now.