Bank account insurance india

 

Bank account insurance india

Which bank account deposits are insured in india?

DICGC is a subsidiary of RBI(reserve bank of india) insures all deposits such as savings, fixed, current, recurring, etc

Bank account deposits not insured in india BY DICGC:

• Deposits of foreign Governments;
• Deposits of Central/State Governments;
• Inter-bank deposits;
• Deposits of the State Land Development Banks with the State co-operative bank;
• Any amount due on account of and deposit received outside India
• Any amount, which has been specifically exempted by the corporation with the previous approval of Reserve Bank of India

 

Who insures bank account deposits in india?

Deposit insurance and credit guarantee corporation (DICGC), WHICH IS A SUBSIDIARY OF  reserve bank of india insures bank deposits. The deposit insurance scheme is compulsory; no bank can withdraw from it.

 

What is the maximum deposit amount insured by the DICGC?

Each depositor in a bank is insured upto a maximum of ₹ 5,00,000 (Rupees Five Lakhs) for both principal and interest amount held by him in the same right and same capacity as on the date of liquidation/cancellation of bank's licence or the date on which the scheme of amalgamation/merger/reconstruction comes into force.

Are deposits in different banks separately insured?

Yes. If you have deposits with more than one bank, deposit insurance coverage limit is applied separately to the deposits in each bank.

What is the meaning of deposits held in the same capacity and same right; and deposits held in different capacity and different right?

If an individual opens more than one deposit account in one or more branches of a bank all these are considered as accounts held in the same capacity and in the same right. Therefore, the balances in all these accounts are aggregated and insurance cover is available upto rupees five lakhs in maximum.