BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Saving deposits
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Fixed deposits
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Current deposits
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All of the above
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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: -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.
Detailed explanation-3: -On liquidation etc. of other de-registered banks i.e. banks which have been de-registered on other grounds such as non payment of premium or their ceasing to be eligible co-operative banks under section 2(gg) of the DICGC Act, 1961, the Corporation will have no liability.