Role of DICGC & Safety of Your Money
DIGCG covers all your Savings, Current, Recurring Deposit, Fixed Deposit and every other account you hold at any bank in India.
However, DICGC will pay you only a maximum of Rs.100,000 per account if the bank has to close down for any reason.
Let me explain this further.
Getting Rs.100,000 from DICGC
Though DICGC insures every bank and their depositors, getting the Rs.100,000 or lesser usually takes some time. Therefore, I suggest you read these guidelines of DICGC to know how safe is your money with banks in India.
Firstly, you’ll get Rs. 100,000 for Savings, Current, Fixed Deposit and Recurring Deposit only if you have that much amount or more in the account. Meaning, if you have only Rs.10,000 in your account, you will get only Rs.10,000 or so. However, if you have Rs.1 million in a single account, the maximum you’ll get is Rs.100,000 only. You won’t get any interest. And you will lose the remaining Rs.900,000.
If you have more than one account at the bank, the DICGC will pay Rs.100,000 or lower for every account. That’s because every account has separate insurance. For example, if you have one account with Rs.150,000 deposit and another with Rs.10,000, the maximum you’ll get is Rs.100,000 for the first and Rs.10,000 for the second.
Secondly, the bank will not pay you the money directly. Instead, the liquidator or organization that a court appoints will process your claim and pay the money. This money comes from DICGC. Therefore, you will not get money directly from DICGC either.
Thirdly, the amount of Rs.100,000 or lesser will be paid within two months of the closure of the bank. The process to close a bank is pretty long. This means, it’s only when RBI declares a bank as closed and an appropriate court appoints a liquidator, you can get the money.
Role of DICGC & Safety of Your Money
DIGCG covers all your Savings, Current, Recurring Deposit, Fixed Deposit and every other account you hold at any bank in India.
However, DICGC will pay you only a maximum of Rs.100,000 per account if the bank has to close down for any reason.
Let me explain this further.
Getting Rs.100,000 from DICGC
Though DICGC insures every bank and their depositors, getting the Rs.100,000 or lesser usually takes some time. Therefore, I suggest you read these guidelines of DICGC to know how safe is your money with banks in India.
Firstly, you’ll get Rs. 100,000 for Savings, Current, Fixed Deposit and Recurring Deposit only if you have that much amount or more in the account. Meaning, if you have only Rs.10,000 in your account, you will get only Rs.10,000 or so. However, if you have Rs.1 million in a single account, the maximum you’ll get is Rs.100,000 only. You won’t get any interest. And you will lose the remaining Rs.900,000.
If you have more than one account at the bank, the DICGC will pay Rs.100,000 or lower for every account. That’s because every account has separate insurance. For example, if you have one account with Rs.150,000 deposit and another with Rs.10,000, the maximum you’ll get is Rs.100,000 for the first and Rs.10,000 for the second.
Secondly, the bank will not pay you the money directly. Instead, the liquidator or organization that a court appoints will process your claim and pay the money. This money comes from DICGC. Therefore, you will not get money directly from DICGC either.
Thirdly, the amount of Rs.100,000 or lesser will be paid within two months of the closure of the bank. The process to close a bank is pretty long. This means, it’s only when RBI declares a bank as closed and an appropriate court appoints a liquidator, you can get the money.
Role of DICGC & Safety of Your Money
DIGCG covers all your Savings, Current, Recurring Deposit, Fixed Deposit and every other account you hold at any bank in India.
However, DICGC will pay you only a maximum of Rs.100,000 per account if the bank has to close down for any reason.
Let me explain this further.
Getting Rs.100,000 from DICGC
Though DICGC insures every bank and their depositors, getting the Rs.100,000 or lesser usually takes some time. Therefore, I suggest you read these guidelines of DICGC to know how safe is your money with banks in India.
Firstly, you’ll get Rs. 100,000 for Savings, Current, Fixed Deposit and Recurring Deposit only if you have that much amount or more in the account. Meaning, if you have only Rs.10,000 in your account, you will get only Rs.10,000 or so. However, if you have Rs.1 million in a single account, the maximum you’ll get is Rs.100,000 only. You won’t get any interest. And you will lose the remaining Rs.900,000.
If you have more than one account at the bank, the DICGC will pay Rs.100,000 or lower for every account. That’s because every account has separate insurance. For example, if you have one account with Rs.150,000 deposit and another with Rs.10,000, the maximum you’ll get is Rs.100,000 for the first and Rs.10,000 for the second.
Secondly, the bank will not pay you the money directly. Instead, the liquidator or organization that a court appoints will process your claim and pay the money. This money comes from DICGC. Therefore, you will not get money directly from DICGC either.
Thirdly, the amount of Rs.100,000 or lesser will be paid within two months of the closure of the bank. The process to close a bank is pretty long. This means, it’s only when RBI declares a bank as closed and an appropriate court appoints a liquidator, you can get the money.
Role of DICGC & Safety of Your Money
DIGCG covers all your Savings, Current, Recurring Deposit, Fixed Deposit and every other account you hold at any bank in India.
However, DICGC will pay you only a maximum of Rs.100,000 per account if the bank has to close down for any reason.
Let me explain this further.
Getting Rs.100,000 from DICGC
Though DICGC insures every bank and their depositors, getting the Rs.100,000 or lesser usually takes some time. Therefore, I suggest you read these guidelines of DICGC to know how safe is your money with banks in India.
Firstly, you’ll get Rs. 100,000 for Savings, Current, Fixed Deposit and Recurring Deposit only if you have that much amount or more in the account. Meaning, if you have only Rs.10,000 in your account, you will get only Rs.10,000 or so. However, if you have Rs.1 million in a single account, the maximum you’ll get is Rs.100,000 only. You won’t get any interest. And you will lose the remaining Rs.900,000.
If you have more than one account at the bank, the DICGC will pay Rs.100,000 or lower for every account. That’s because every account has separate insurance. For example, if you have one account with Rs.150,000 deposit and another with Rs.10,000, the maximum you’ll get is Rs.100,000 for the first and Rs.10,000 for the second.
Secondly, the bank will not pay you the money directly. Instead, the liquidator or organization that a court appoints will process your claim and pay the money. This money comes from DICGC. Therefore, you will not get money directly from DICGC either.
Thirdly, the amount of Rs.100,000 or lesser will be paid within two months of the closure of the bank. The process to close a bank is pretty long. This means, it’s only when RBI declares a bank as closed and an appropriate court appoints a liquidator, you can get the money.
Role of DICGC & Safety of Your Money
DIGCG covers all your Savings, Current, Recurring Deposit, Fixed Deposit and every other account you hold at any bank in India.
However, DICGC will pay you only a maximum of Rs.100,000 per account if the bank has to close down for any reason.
Let me explain this further.
Getting Rs.100,000 from DICGC
Though DICGC insures every bank and their depositors, getting the Rs.100,000 or lesser usually takes some time. Therefore, I suggest you read these guidelines of DICGC to know how safe is your money with banks in India.
Firstly, you’ll get Rs. 100,000 for Savings, Current, Fixed Deposit and Recurring Deposit only if you have that much amount or more in the account. Meaning, if you have only Rs.10,000 in your account, you will get only Rs.10,000 or so. However, if you have Rs.1 million in a single account, the maximum you’ll get is Rs.100,000 only. You won’t get any interest. And you will lose the remaining Rs.900,000.
If you have more than one account at the bank, the DICGC will pay Rs.100,000 or lower for every account. That’s because every account has separate insurance. For example, if you have one account with Rs.150,000 deposit and another with Rs.10,000, the maximum you’ll get is Rs.100,000 for the first and Rs.10,000 for the second.
Secondly, the bank will not pay you the money directly. Instead, the liquidator or organization that a court appoints will process your claim and pay the money. This money comes from DICGC. Therefore, you will not get money directly from DICGC either.
Thirdly, the amount of Rs.100,000 or lesser will be paid within two months of the closure of the bank. The process to close a bank is pretty long. This means, it’s only when RBI declares a bank as closed and an appropriate court appoints a liquidator, you can get the money.
