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    Are Your Savings Safe ???


    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?

    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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