DICGC insurance bank accounts

General
1

DICGC covers upto 5 lakhs per bank .

Query :

Suppose e.g. :

If i have 5 lakh in each accounts in the same BANK in each of the following accounts .

(1) saving account - same PAN
(2) current account- same PAN
(3) company account - different PAN
(4) F.D. account
(5) recurring deposit account
(6) sweep flexi account
(7) minor child account - same pan
(8) minor child account - different pan number
(9) joint account- as a first holder
(10) joint account- as a second holder .

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Query :

Are all the above each accounts insured for 5 lakhs separately each and every individually …
???

2

Hi @HIREiN ,

No, Rs. 5 lakhs insurance is for a particular account holder, and not each account-wise.

Thus, any funds up to Rs. 5 lakhs deposited in any bank are insured by Deposit Insurance and Credit Guarantee Corporation (DICGC).

3

Deposit Insurance and Credit Guarantee Corporation (DICGC) provides insurance coverage of up to five lakh dollars per depositor per bank, including interest and principal. Savings, current, fixed, and recurring deposits are protected in the event that a bank fails. By spreading their deposits across different banks and account types, depositors can increase their coverage. By implementing this scheme, the Indian banking system is more secure and public confidence is enhanced.