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.