DICGC
Definition
Deposit Insurance and Credit Guarantee Corporation. RBI subsidiary insuring bank deposits up to ₹5 Lakhs per bank.
Key Takeaways
- DICGC is an RBI subsidiary providing deposit insurance for all Indian bank accounts.
- Insures up to a maximum of ₹5 Lakhs per depositor, per bank for principal and interest combined.
- Covers savings, current, recurring, and fixed deposits.
- Accounts at different banks are insured independently up to the ₹5 Lakh limit.
Detailed Explanation
The Deposit Insurance and Credit Guarantee Corporation (DICGC) is a wholly-owned subsidiary of the Reserve Bank of India (RBI). It provides insurance coverage for bank deposits in India, securing depositors' savings in the event of a bank failure or liquidation.
DICGC insures all bank deposits, including savings accounts, fixed deposits (FDs), current accounts, and recurring deposits. The insurance coverage limit is capped at a maximum of ₹500,000 per depositor, per bank. This limit covers both the principal and interest amounts combined. If you hold accounts in different branches of the same bank, they are aggregated, but accounts in different banks are covered separately.