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Home>> Citizens Charter>> Deposit Schemes>> Deposit Insurance
 
Deposit Insurance
 

Protection to Bank Depositors


The Bank Deposits up to Rs.1,00,000/- (Rupees one lakh only), both principal and interest put together, in respect of each depositor are fully insured with the Deposit Insurance & Credit Guarantee Corporation, a wholly owned subsidiary of the Reserve Bank of India, and since 1962, it is engaged in providing deposit insurance for depositors against loss of part or all of their deposits arising from bank failures.

Your Bank is one of the Banks insured and as such, the monies deposited with our Bank are fully protected and quite safe.

The Corporation’s liability in respect of insured deposits will arise in the following circumstances:

If the Bank goes into liquidation: The Corporation will arrange to pay to every Depositor directly or through the liquidator the amount due to him under the Insurance Scheme.

If the Bank is reconstructed or amalgamated with another Bank and the Scheme of Reconstruction or Amalgamation does not entitle a depositor to get credit for the full amount of his deposit: The Corporation will arrange to pay the reconstructed Bank or the amalgamated Bank an amount equivalent to the shortfall between the amount due to the depositor under the insurance scheme and the amount of credit received by him under the scheme of reconstruction or amalgamation.

The funds held in the same type of ownership at the same bank are added together before deposit insurance is determined and the coverage cannot be increased by depositing funds into several different accounts all at the same bank. However, deposits held in more than one bank, the deposit insurance coverage limit is applied separately to the deposits of each bank.

The Deposit insurance premium is borne entirely by the Bank and the customers are not burdened with the cost.

If there are any dues owed by the customer to the Bank, the latter has the right to set off their dues from the amounts of deposits. The deposit insurance is available after netting of such dues.

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