BANKING AFFAIRS

Detailed explanation-1: -Deposit insurance is one of the significant benefits of having an account at an FDIC-insured bank-it’s how the FDIC protects your money in the unlikely event of a bank failure. The standard insurance amount is $250, 000 per depositor, per insured bank, for each account ownership category.

Detailed explanation-2: -The FDIC provides separate coverage for deposits held in different account ownership categories. Depositors may qualify for coverage over $250, 000 if they have funds in different ownership categories and all FDIC requirements are met.

Detailed explanation-3: -FDIC insurance safeguards your money at any FDIC-insured bank in case that bank fails. The insurance covers up to $250, 000 per depositor, per FDIC-insured bank, per ownership category. If you opened a savings account with $125, 000 and then you made $25, 000 in interest then you would be insured for $150, 000.

Detailed explanation-4: -Any individual or entity that has more than $250, 000 in deposits at an FDIC-insured bank should see to it that all monies are federally insured.

Detailed explanation-5: -Each depositor in a bank is insured up to a maximum of 5, 00, 000 (Five Lakhs) Rupees. 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 license or the date on which the scheme of amalgamation/merger/reconstruction comes into force.