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New Delhi: The central government is preparing for the disinvestment of another government bank. As soon as this news is revealed, many questions are being raised in the minds of millions of customers about their accounts and deposits. If you also have an account with this bank, then it is very important for you to know what effect this change will have on you.

Are your money safe?
The biggest question that is in the mind of every customer is to protect their money. Let us tell you that the money deposited in your account is completely safe when any bank is sold or private. The rules of the Reserve Bank of India (RBI) are very strict. Also, under the Deposit Insurance and Credit Guarantee Corporation (DICGC), every customer gets an insurance cover on an amount of up to Rs 5 lakh deposited in his account. So you do not need to panic at all.

What will be the effect on your account?

1. Services will continue: All the services of the bank will continue normally till the process of privatization is completed. There will be no immediate effect on your accounts, transactions, and other facilities.

2. Account Number and IFSC Code: When the bank goes completely into the hands of another management, it is possible that your account number and IFSC code is changed. However, this process takes place slowly and the bank will give you enough time for it.

3. Checkbook and Debit/Credit Card: Under the new management, you can be issued new checkbooks and new debit/credit cards. The old cards and checkbooks will be valid only to a fixed limit, the bank will give you information in advance.

4. Interest Rates and Fee: The new management can change the bank’s interest rates (on loan and deposit) and other banking fees. They may apply new rates according to the market.

5. No effect on old loans: If you have taken a home loan, car loan or any other loan from the bank, there will be no change in its terms. Your EMI and interest rate will remain the same which was fixed in your loan agreement.

In short, customers will not have any kind of trouble in this process. The bank will ensure that this process of change is completed smoothly.