Depositor money insurance

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48 Points Posted on 01 February 2020
what is Bank depositor money insurance cover increased to Rs. 5 Lakh from Rs. 1 Lakh?
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On 01 February 2020 at 16:07 Report
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The discussion clarifies that bank depositor insurance cover has been increased to ₹5 Lakhs, up from the previous limit of ₹1 Lakh. This means that in the event of a bank failure or collapse, depositors are now insured for up to ₹5 Lakhs. This update is provided by the DICGC (Deposit Insurance and Credit Guarantee Corporation).

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Studwnt
1141 Points Posted on 01 February 2020
Earlier if you get one lakh on maturity was exempt...now the said limit is 5 lakhs...that's the insurance in which we invest to claim 80C
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On 01 February 2020 at 16:11
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17269 Points Posted on 01 February 2020
Roshni, your reply is out of context.

Under DICGC earlier depositors were insured to the tune of RS 1 lakh in case bank fails or collapses and defaults to repay money to depositors.

Now that DICGC gurrantee coverage has been increased to 5 lakhs. 👍
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On 01 February 2020 at 20:18
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48 Points Posted on 02 February 2020
Mr. Kapadia Pravin is absolutely right.
and thanks for clarification.
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On 02 February 2020 at 13:33

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