Can any one explain me what is DICGC cover in banking sector.
CA Narendra Gupta (CA ) (256 Points)
15 June 2010Can any one explain me what is DICGC cover in banking sector.
Rahul Gupta
(Project Controller ACA MBA(Fin.))
(8014 Points)
Replied 15 June 2010
Banks are compulsorily required to get their deposits insured from Deposit Insurance and Credit Guarantee Corporation (DICGC). However, DICGC at present insures deposits only upto Rs.1 lakh. Thus, deposits in banks upto Rs.1 lakhs are safe and secure from the default by the bank.
Check out these links. You will get lots of information here.
https://www.rupeebank.com/inscov.htm
https://www.dicgc.org.in/English/FD_A-GuideToDepositInsurance.html
https://www.allbankingsolutions.com/depsub4.htm
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