BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Rs.1, 00, 000
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Rs.1, 50, 000
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Rs.2, 00, 000
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Rs.3, 00, 000
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Detailed explanation-1: -The DICGC insures principal and interest upto a maximum amount of five lakhs.
Detailed explanation-2: -The DICGC insures principal and interest upto a maximum amount of ₹ five lakhs. For example, if an individual had an account with a principal amount of 4, 95, 000 plus accrued interest of 4, 000, the total amount insured by the DICGC would be 4, 99, 000.
Detailed explanation-3: -Each depositor in a bank is insured upto a maximum of 5, 00, 000 (Rupees Five Lakhs) for both principal and interest amount held by him in the same right and same capacity as on the date of liquidation/cancellation of bank’s licence or the date on which the scheme of amalgamation/merger/reconstruction comes into force.
Detailed explanation-4: -IInitially, under the provisions of Section 16(1) of the DICGC Act, the insurance cover was limited to 1, 500/-only per depositor(s) for deposits held by him (them) in the “same right and in the same capacity” in all the branches of the bank taken together.