Is it better to store your emergency savings in a single bank or across several?
According to a Moneycontrol report, maintaining a small emergency fund in a single bank account is simple and convenient. On the other hand, splitting your savings between different banks acts as a safety net if one institution experiences technical glitches or service outages. In India, the DICGC provides insurance for bank deposits up to ₹5 lakh for each depositor per bank, following specific guidelines. Because of this, individuals with significant savings often choose to distribute their money across multiple financial institutions.
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