Associate Professor of Accounting and Taxation Department of the PRUE Galina Semenova believes it is not worth panicking and running to banks in order to withdraw all your money during a crisis. However, if you need a large amount of money for a major purchase, such as apartment, cottage, land, you should withdraw and buy.
One should analyze his spending over the past months, think about cutting corners, and withdraw cash for one to three months. This will be enough to respond to stressful situations and challenges.
The individual deposits in banks are insured and you will be reimbursed even if the bank goes bankrupt; the deposits of individuals fall under the deposit insurance program and are insured in the amount of 1.4 million rubles. One can have an unlimited number of deposits in the same bank, but all funds will be insured for the same amount: 1.4 million rubles. It would make more sense to keep a larger amount in 3-4 banks, the specialist believes.
“However, if everyone starts withdrawing money from banks in panic, no financial and insurance system will survive. If we withdraw money from banks, we will lose our interest, given the 9.9% real inflation in January 2022. And what's next, the money will lie under the mattress and depreciate even more?”, Pavel Utkin, the leading lawyer of the Parthenon United Legal Center, shares.
Another risk of keeping cash at home is force majeure, such as theft, damage, fire, or banal loss. “There were cases when people simply forgot about the place where they were keeping their savings or forgot to take them when they were moving,” says Utkin.
In this case, one can consider storing valuables, including cash, in a safety-deposit box. This option is the most reliable, as only the box holder and those assigned by him have access to. But we should bear in mind that renting a bank safety-deposit box costs from a thousand rubles a month, although premium customers are often provided with access either free of charge or at a good discount.
Source: https://1prime.ru/exclusive/20220306/836239422.html
Photos are from open sources.
