Difference between 3G and 4G in Australia
Banks will now have to pay more for this, with the scope of protecting the money of customers deposited in various government and private banks.
Do check out our article on personal guarantee insurance on our other blog.
The government has increased the amount of bank deposit guarantee five times in the budget 2020 to Rs 5 lakh. With this decision, the amount of insurance premium paid by banks has also increased
The scope of the security guarantee on bank deposits has been extended after almost three decades. Till now the Deposit Insurance and Credit Guarantee Corporation (DICGC) used to take a deposit guarantee of only Rs 1 lakh fixed in 1993. After the provision in the budget, from February 4, 2020, its limit has been increased to Rs 5 lakh per customer.
This rule will be applicable to all insured banks. According to the data, now private and public sector banks will have to pay a premium of Rs 600 annually for an insurance guarantee of Rs 5 lakh per customer.
Premium burden increased by 20 percent
The message sent by DICGC to all the banks stated that along with increasing the coverage of insurance, their premium has also been increased by 20%. From April 1, 2020, banks will have to pay an annual premium of 12 paise for every Rs 100 insurance. Earlier, banks had to pay a premium of 10 paise per 100 rupees insurance. Banks pay this amount of premium to DICGC, which is responsible for returning the insured amount to the customers in the event of their bankruptcy or drowning.
Banks will have to pay premium at Rs 12 per 100 rupees
According to DICGC, the benefit of the same insurance will be given on the amount deposited in different items. For example, a security guarantee of only a maximum of Rs 5 lakh will be available on the total amount deposited in a bank on savings account, current account, recurring deposit and FD.
Every bank has different insurance
A fixed amount of 5 lakhs of deposit insurance will be considered separate for every bank. For example, if a person has deposited money in different branches of the same bank, his total sum insured will be Rs 5 lakh. But if there are deposits in different banks, then insurance of Rs 5 lakh will be given on the money deposited in each bank. Therefore, customers who have a large amount of money can take maximum benefit of insurance scheme by depositing money in different banks.
3G vs 4G in Australia. Both 3G and 4G are mobile wireless access technologies. 3G is widely used worldwide, while 4G is still evolving and already in some countries of Europe and America. Has only been deployed. Telstra announced on 15 February 2011 the telco giant in Australia that they plan to launch 4G LTE networks later this year. There are other carriers such as Singrell Optus, Three, Vodafone and Virgin Mobile offering 3G services in Australia
4G deployment by the carrier will indirectly affect the government’s NGN scope as LTE could theoretically offer 400 Mbps which is sufficient for private home users. This will have an impact on the government’s NGN project with the idea of providing ultra broadband for Australian homes. Similarly when LTE Advance or WiMAX 2 comes on the market which 1 is able to offer. Theoretically the idea behind the government in launching the NBN project would actually have an impact.
The planned 4G deployment by Telstra will also have an impact in the smartphone and tablet market in Australia. Most of the current 3G handsets will not support 4G networks, so users will have to buy new 4G supported handsets. Most LTE handsets will also support HSPA + so users will now look forward to purchasing handsets or tablets that can support both LTE and 3G networks. So there will be an opening for the manufacture of 4G-LTE smartphones and tablets as well as targeting the Australian market.
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This trend will actually affect the Apple iPhone market and other high-end phones in Australia as the iPhone and other high-end phones available today only support 3G networks. Users have to think before purchasing with a 2-year contract until operators or phone manufacturers provide free or reduced fees to replace the handset when their 4G phones are released.