Finance

Awareness Fridays: A Guide to the Deposit Insurance System in India

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:

  1. DICGC’s guide to the deposit insurance system in India. Read the Q&A.
  2. List of commercial banks covered under deposit insurance.
  3. 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.

4 thoughts on “Awareness Fridays: A Guide to the Deposit Insurance System in India

  1. 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

  2. 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

  3. “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/

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