0:29 How much amount is secured with bank in Saving, FD and Recurring? DICGC : Deposit Insurance and Credit Guarantee Corporation ( Wholly owned Subsidiary of the Reserve Bank of india)
2:28 Which banks are insured by the DICGC?
Commercial Banks : All commercial banks including branches of foreign banks functioning in India, local area banks and regional rural banks are insured by the DICGC.
Cooperative Banks : All State, Central and Primary cooperative banks, also called urban cooperative banks, functioning in States / Union Territories which have amended the local Cooperative Societies Act empowering the Reserve Bank of India (RBI) to order the Registrar of Cooperative Societies of the State / Union Territory to wind up a cooperative bank or to supersede its committee of management and requiring the Registrar not to take any action regarding winding up, amalgamation or reconstruction of a co-operative bank without prior sanction in writing from the RBI are covered under the Deposit Insurance Scheme.
At present all co-operative banks are covered by the DICGC.
Primary cooperative societies are not insured by the DICGC.
2:58 What does the DICGC insure?
• The DICGC insures all deposits such as savings, fixed, current, recurring, etc. deposits except the following types of deposits
• 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
3:47 What is the maximum deposit amount insured by the DICGC?
Each depositor in a bank is insured upto a maximum of 1,00,000 (Rupees One Lakh) 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.
Deposits held in joint accounts (revised w.e.f. April 26, 2007)
4:23 What is the ceiling on amount of Insured deposits kept by one person in different branches of a bank?
The deposits kept in different branches of a bank are aggregated for the purpose of insurance cover and a maximum amount upto Rupees one lakh is paid.
7:19 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.
6. Who pays the cost of deposits insurance?
Deposit insurance premium is borne entirely by the insured bank.
8:34 Does the DICGC directly deal with the depositors of failed banks?
No. In the event of a bank's liquidation, the liquidator prepares depositor wise claim list and sends it to the DICGC for scrutiny and payment.
The DICGC pays the money to the liquidator who is liable to pay to the depositors. In the case of amalgamation / merger of banks, the amount due to each depositor is paid to the transferee bank.
10:11 Llustrations
Savings A/C Current A/C FD A/C Total Deposits Deposits Insured upto
(Individual) 17,200 22,000 80,000 1,19,200 1,00,000
(Partner of ABC & Co.) 75,000 50,000 1,25,000 1,00,000
(Guardian for Master L) 7,800 80,000 87,800 87,800
(Director, J.K. Udyog Ltd.) 2,30,000 45,000 2,75,000 1,00,000
Mr. A jointly with Smt. B 7500 1,50,000 50000 2,07,500 1,00,000
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