You might have heard recent news about the government’s plan to double the deposit insurance cover for your bank deposits (savings, fixed, current, recurring, etc.). I welcome this move — though not for the reasons you hear in the media. I welcome this move simply because it’s good for you and me.
Did you know that deposit insurance is provided by the Deposit Insurance and Credit Guarantee Corporation of India (a wholly owned subsidiary of the Reserve Bank of India)? What exactly does deposit insurance cover? How does this insurance work? Is my bank covered by this insurance? Answers to these questions and more can be perused in the following guides:
- DICGC’s guide to the deposit insurance system in India. Read the Q&A.
- List of commercial banks covered under deposit insurance.
- List of cooperative banks covered under deposit insurance.
Awareness Fridays is my new initiative to spread awareness on topics relevant to personal finance — every Friday. I urge you to take some time off and absorb this information — it’s pretty useful. And, as always, do spread the word if you find this useful.
Further reading:
- Awareness Fridays: A Case Study that Illustrates how the Deposit Insurance System Works in India
- Awareness Fridays: An Insight Into How Your Bank Should Maintain Your Deposit Accounts
- Awareness Fridays: A Guide to the Indian Banking Ombudsman Scheme
- Awareness Fridays: Your Bank Should Now Acknowledge Nomination and Indicate the Name of the Nominee in Pass Books and Fixed Deposit Receipts
- Awareness Fridays: Cheque Clearance Timeframes
{ 4 comments… read them below or add one }
Thanks Vinaya..useful info….
I have one query regarding co.op. bank
I have deposited some money in one co. op. bank. But now the bank is not in the position to return money. What action can I take and how?
It will be really helpful if u help me regarding this.
Thanking u in advance
A very Usefull blog…
I was also looking for information regarding the Karnataka bank.
Through this blog came to know that karnataka bank is also insured.
Keep the blogs flowing…
Girish
Sandip,
Does the bank come under the DICGC? Have you approached the banking ombudsman?
Vinaya
“Hi,
Nice post & I think it’s a nice step taken by the government. This might remove some of he paranoia that people have before investing in private banks. Here is an online tool which I think you might be interested in which helps people to plan their insurance according to their needs & budget, especially health insurance & retirement plans.
Check this out at - http://www.simpleinsurance.co.in/“