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Rediff.com  » Business » Is your money in banks safe?

Is your money in banks safe?

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October 10, 2008 17:21 IST

When it comes to your money, you've always believed in playing it safe. And what could be safer than your bank? So, refusing to be lured by the seductive, yet fickle stock market, you were faithful to your bank savings and fixed accounts.

But now, even that haven seems to be in danger. There are rumours that an Indian bank is in trouble, with reports that people are rushing to withdraw their savings. Finance Minister P Chidambaram and the bank have denied there is any problem and said that deposotors' money is safe in banks.

Here's what a reader, Vivek, had to say on one of the rediff message boards: 'Our company offical sent us an email regarding this financial crisis. Our company clearly told us not to keep all eggs in one basket. . . that means, don't keep more than Rs 50,000 in a single bank. . . as the market is not good. . . '

Do you believe there is nothing to worry about? Do you think Indian banks are as strong and safe as they claim to be?

Are you planning to withdraw your money or are you planning to open accounts in several banks?

Do you believe India is headed for financial disaster?

What's your strategy in these troubled times? Is gold the answer, considering the fact that the precious metal has crossed the Rs 14,000 barrier?

How do you plan to keep your money safe? Share your wisdom with other rediff readers.
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