Deposit Insurance & Credit Guarantee

  • DICGC insure your deposits

Your deposits are insured by Deposit Insurance and Credit Guarantee Corporation (DICGC), the second oldest deposit insurer of the world, quietly taking care of the interest of depositors, particularly small depositors. It is a wholly owned subsidiary of the RBI, created by an Act of Parliament.

  • Premium of the Deposit

You do not have to pay any premium. However, the DICGC charges a nominal premium from the banks. This premium is not charged to you.

  • About insurance claim.

In the case of  bank failure  , the liquidator would make a claim on your behalf and DICGC is bound to pay the valid insurance claims as soon as possible.

 

  • India had established the deposit insurance system way back in 1961.
  • Safety about your valued deposit.

Yes, of course. They are quite safe. Thanks to strong regulation and supervision by Reserve Bank of India and system of internal control of banks, they are well capitalized, well managed and effectively regulated.

  • Our bank never referring to the other banks!

Yes,  It applies to all the banks operating in India including private sector, co-operative and even branches of foreign banks in India.
But occasionally there is news about some bank or the other being closed down by RBI. But what about my deposit?

Your deposits up to a particular limit (presently l lakh per depositor) are insured and paid back to you in the event of failure of your bank. Your deposits to the above extent are insured, possibly even without your knowledge.

  • About deposit insurance

You can find more details at DICGC website www.dicgc.org.in or email at dicgc@rbi.org.in or address your queries to

DICGC DEPOSIT INSURANCE AND CREDIT GUARANTEE 
CORPORATION
( Wholly owned subsidiary of the Reserve Bank of India)

 Deposit Insurance and Credit Guarantee Corporation, RBI (2nd Floor), Opp. to Mumbai Central Railway Station, Mumbai – 400008 Tel. No. (022) 2308-4121

 

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