This is a guide by India's Deposit Insurance and Credit Guarantee Corporation (DICGC) for depositors with answers to frequently asked questions (FAQs) regarding deposit insurance in the country. The guide covers the following topics:
1. Which banks are insured by the DICGC?
2. What does the DICGC insure?
3. What is the maximum deposit amount insured by the DICGC?
4. How will you know whether your bank is insured by the DICGC or not?
5. What is the ceiling on amount of Insured deposits kept by one person in different branches of a bank?
6. Does the DICGC insure just the principal on an account or both principal and accrued interest?
7. Can deposit insurance be increased by depositing funds into several different accounts all at the same bank?
8. Are deposits in different banks separately insured?
9. If I have my funds on deposit at two different banks, and those two banks are closed on the same day, are my funds added together, or insured separately?
10. What is the meaning of deposits held in the same capacity and same right; and deposits held in different capacity and different right?
11. Can the bank deduct the amount of dues payable by the depositor?
12. Who pays the cost of deposits insurance?
13. When is the DICGC liable to pay?
14. Does the the DICGC directly deal with the depositors of failed banks?
15. Can any insured bank withdraw from the the DICGC coverage?
16. Can the DICGC withdraw deposit insurance coverage from any bank?
17. What will be the Corporation’s liability to the banks on de-registration?