5 Lakh Deposit Insurance

5 Lakh Deposit Insurance. The amendment will need to be passed by both houses of parliament for it to become a law. Union commerce and industry minister piyush goyal on december 12 said that the government has increased the bank deposit insurance cover from rs 1 lakh to rs 5 lakh.

Punjab and Maharashtra Bank PMC Bank depositors get 5 lakh
Punjab and Maharashtra Bank PMC Bank depositors get 5 lakh from www.jagran.com

The amendment to the deposit insurance and credit guarantee corporation (dicgc) act, 1961 was announced by finance minister during budget 2021. Bank deposit insurance cover increased to rs 5 lakh, refund within 90 days: For example, if an individual has a bank deposit account with a principal amount of rs.4,95,000 plus accrued interest of rs.4,000, the total amount insured.

This Sum Is More Than Rs 1300 Crore.


Deposit cover of rs 5 lakh is per bank and not per individual. Before the amendment, the insurance cover on bank deposits was fixed at inr 1 lakh if a bank faces liquidation. Union commerce and industry minister piyush goyal on december 12 said that the government has increased the bank deposit insurance cover from rs 1 lakh to rs 5 lakh.

Dicgc Last Revised The Deposit Insurance Cover To ₹5 Lakh In Feb, 2020, Raising It From ₹ 1 Lakh Since 1993.


Currently, as per the rbi guidelines, deposits with all commercial banks and cooperative banks are insured under the deposit insurance and credit. “i shall be moving amendments to the dicgc act, 1961 in this session itself to streamline the. Last year, the government increased the insurance cover on deposits by five times to rs 5 lakh.

Union Minister Of Commerce And Industry Piyush Goyal On Sunday Said That The Central Government Has Increased The Bank Deposit Insurance Cover, In Case Of Problems Occurring Such As Closure, From Rs 1 Lakh To Rs 5 Lakh.


5 lakh for every depositor per bank, the quantity of fully covered accounts in the last financial year established 98.1% of the absolute number of accounts. So what has changed now? Over one lakh depositors have received their money back recently, which is held with banks for quite a long time.

Deposit Insurance Covers All Deposits Such As Savings, Fixed, Current, Recurring Deposits, Etc.


5 lakh per depositor per bank, the number of fully protected accounts at end of previous financial year constituted 98.1% of the total number of accounts, as against the international benchmark of 80%. Under this act, deposits up to rs. The amendment will need to be passed by both houses of parliament for it to become a law.

With Deposit Insurance Coverage Of Rs.


The amount has to be refunded to the depositor within 90 days. The amendment to the deposit insurance and credit guarantee corporation (dicgc) act, 1961 was announced by finance minister during budget 2021. Each depositor in a bank is insured upto a maximum of rs 5 lakh for both principal and interest amount.