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Budget Expectations 2025: Only 15 days are left for the presentation of the budget for the financial year 2025-26. Finance Minister Nirmala Sitharaman is busy finalizing the budget. Different stakeholders are submitting their list of demands in the budget to the Finance Minister. Now, to provide security cover to the hard-earned money of bank depositors, a demand has been made to provide insurance cover on deposits of more than Rs 5 lakh. At present, insurance cover is available only on deposits of bank customers up to Rs 5 lakh.
Deposit insurance facility available for deposits above Rs 5 lakh
Founder of Voice of Banking and former banker Ashwini Rana has submitted suggestions related to the interests of bank customers and bank employees to the Finance Minister for the budget for the financial year 2025-26. In which a demand has been made to increase the limit of insurance cover on bank deposits from Rs 5 lakh. Even if bank customers have more than Rs 5 lakh deposited in the bank including savings account, recurring deposits or fixed deposits, in case of bank collapse, B insurance cover is available only on deposits up to Rs 5 lakh. Earlier it was only Rs 1 lakh which was increased to Rs 5 lakh a few years ago.
Ashwini Rana suggested to the Finance Minister, 98.3% of bank customers come under this security cover, but for those customers whose deposit amount is more than Rs 5 lakh and they feel that their deposits in banks are not safe, a special deposit should be made for them. Insurance should be started through which customers can protect their deposits of more than Rs 5 lakh by paying some premium. Customers will feel relieved by this step of the government, while customers will prefer to keep their deposits in banks instead of investing them in other places like chit funds, crypto currency, share market or other such places.
Increase in interest rate on bank deposits
Voice of Banking has demanded the creation of an integrated complaint portal. If an integrated complaint portal is started for banks also, then the customer will complain about any bank on one portal and from that portal the complaint will be sent to the concerned bank and the customer will not have to send the complaint to different officers and offices. . After registering the complaint in this integrated complaint portal, the complaint can be resolved within a certain time. The government has been demanded to start a deposit scheme with attractive interest rates in the budget and a request has been made to reduce the TDS charged on interest.
Exemption on investment and savings income tax in the new tax system
In the new tax regime, there has also been a demand for income tax exemption on investment and savings, which is not available now. Due to which the culture of investment and savings is decreasing. Therefore, the government has been suggested to give exemption on investment and savings in the new tax system.
Bank employees should get this facility
Bank employees are getting loans like housing, vehicle, personal and festival loans at concessional interest rates. Employees have to pay income tax on the difference between SBI’s interest rate and concessional rates on these loans. Voice of Banking has demanded that like Railways, bank employees should also get the benefit of concessional interest rate and income tax should not be levied on it and if it is levied, the bank should pay it.
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