YOUR BANK DEPOSIT IS INSURED... TO AN EXTENT
Is my bank covered?
If your deposits are with the following bank, yes, they are insured:
- Commercial banks
- Foreign bank branches
- Rural regional banks
- Local area banks
- Co-operative banks (Excluding Meghalaya and Union Territories)
However, it is necessary to remember that co-operative societies do not fall under the DICGC Scheme.
Is my entire bank deposit covered?
Your depsosit up to Rs 1 lakh are covered.
Is interest accumulated on the deposit also covered?
What happen if I have deposits in different branches of the same bank?
The cap of the cover is Rs 1 lakh. However, if you have deposits in different banks, you get a cover of Rs 1 lakh per bank.
I have joint accounts in the same bank; is this cover capped to Rs 1 lakh for all?
No; if you have joint accounts with different combinations of names, they get a seperate cover.
How do I ensure that all my money is safe?
The best option is to choose a reputed bank, where you can be sure that your money is safe, with your without Insurance!