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YOUR BANK DEPOSIT IS INSURED... TO AN EXTENT

Most of us have bank deposits. Are they safe? Have you ever given this a thought? Here is the truth. Your bank deposit are insured by the Deposit Insurance and Credit Guarantee Corporation (DICGC). Does this trigger a number of questions in your mind? Here are the answers...

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?
Yes.

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!

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