Bank Insurance 5 Lakh. The amount has to be refunded to the depositor within 90 days. Every bank used to pay 10 paise as an insurance premium per rs 100 of deposit.
It was raised to 12 paise. Union finance minister nirmala sitharaman in her budget speech 2020 has proposed to hike the bank deposit insurance in scheduled commercial banks to rs 5 lakh per depositor from the current rs 1 lakh. In a path breaking reform, bank deposit insurance cover was enhanced from rs.