Letter to BS: Be wary of co-op banks even if they pay better interest rates

Customers should not be enticed by higher interests and risk their corpus

This refers to the editorial “How much money will you get if your bank goes bust” (10 February). Tamal Bandyopadhyay gave a good analysis on the insurance cover available to bank deposits vis-s-vis prevailing trends across the globe. With the hike in the insurance cover to Rs 5 lakh, 93 per cent of the depositors are expected to be covered. But, as far as deposits are concerned, only 34 per cent are covered. What measures can the rest 66 per cent deposit holders take to keep their money safe? I can suggest some steps. Keep deposits in the names of