The only exception is the retired senior citizen who is not claiming deductions like the standard deduction, tax saving investments or house rent allowance
Finance Minister Nirmala Sitharaman in her Budget speech announced that depositors will have an easy and time-bound access to deposits if a bank gets liquidated
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Finance minister (FM) Nirmala Sitharaman today announced that in case a bank fails or withdrawals from the bank are stopped due to financial pressure on the bank, the depositors of that bank will be able to get immediate access to their deposits up to the deposit insurance amount of Rs5 lakh, i.e., the amount to which deposits are insured under the ‘Deposit Insurance and Credit Guarantee Corporation Act, 1961 (DICGC Act). This will greatly help depositors in meeting immediate financial needs. The FM added that she will bring in an amendment to allow this in the current Budget session.