Deposit Insurance and Credit Guarantee Corporation (DICGC)

DICGC is a subsidiary of RBI which provides insurance of deposits and guaranteeing of credit facilities to all commercial banks registered under the guidelines of the RBI Act.

The DICGC insures all deposits such as Savings, Fixed, Current, Recurring etc. Each depositor in a bank is insured up to a maximum of ₹ 5,00,000 (Rupees Five Lakhs) for both principal and interest amount held by him/her in the same right and capacity. The deposits kept in different branches of a bank are aggregated for the purpose of insurance cover and a maximum amount of up to Rupees five lakhs is covered.

Which banks are insured by the DICGC?

• All commercial banks including branches of foreign banks functioning in India, local area banks and regional rural banks are insured by the DICGC.

What does the DICGC insure?

• The DICGC insures all deposits such as savings, fixed, current, recurring, etc.

• Except certain types of deposits such as Deposits of Foreign Governments, Inter bank deposits, etc

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.

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 of upto Rupees five lakhs is paid.

Can deposit insurance be increased by depositing funds into several different accounts all at the same bank?

• All funds held in the same type of ownership at the same bank are added together before deposit insurance is determined. If the funds are in different types of ownership or are deposited into separate banks, they would then be separately insured.

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.

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