Each depositor in a bank is insured by DICGC up to a maximum of.....for both principal and interest amount held by him in the same capacity and same right as on the date of liquidation/cancellation of banks licence or the date on which the scheme of amalgamation/merger/reconstruction comes into force.

BANKING GENERAL KNOWLEDGE

Please wait while the activity loads.
If this activity does not load, try refreshing your browser. Also, this page requires javascript. Please visit using a browser with javascript enabled.

If loading fails, click here to try again

Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

Each depositor in a bank is insured by DICGC up to a maximum of____for both principal and interest amount held by him in the same capacity and same right 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.

A	Rs.1, 00, 000
B	Rs.2, 00, 000
C	Rs.3, 00, 000
D	Rs.4, 00, 000

Explanation:

Detailed explanation-1: -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-2: -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-3: -If a bank goes into liquidation, DICGC is liable to pay to the liquidator the claim amount of each depositor upto Rupees five lakhs within two months from the date of receipt of claim list from the liquidator. The liquidator has to disburse the claim amount to each insured depositor corresponding to their claim amount.

Detailed explanation-4: -All types of depositors, whether businesses or individuals, are protected. The maximum limit of coverage is RM250, 000 per depositor per member bank. This includes both the principal amount of a deposit and the interest / return. With the RM250, 000 limit, 97% of depositors are protected in full.

Detailed explanation-5: -The DICGC insures all deposits such as Savings, Fixed, Current, Recurring etc. Each depositor in a bank is insured up to a maximum of ₹ 5, 00, 000 (Rupees Five Lakhs) for both principal and interest amount held by him/her in the same right and capacity.

There is 1 question to complete.