BANKING AFFAIRS

Detailed explanation-1: -Which banks are insured by the DICGC? Commercial Banks : All commercial banks including branches of foreign banks functioning in India, local area banks and regional rural banks are insured by the DICGC.

Detailed explanation-2: -Savings accounts, fixed deposits (FD), current accounts, recurring deposits (RD), and other deposits are covered by DICGC’s insurance. Bank customers should note these important FAQs from the DICGC website.

Detailed explanation-3: -As per the data released by the Economic Survey 2021-22, 59% of State Bank of India (SBI) deposits are fully insured under the Deposit Insurance and Credit Guarantee Corporation (DICGC), vis-a-vis their total bank deposits.

Detailed explanation-4: -The Federal Deposit Insurance Corporation (FDIC) is an independent federal government agency which insures deposits in commercial banks and thrifts. Federal deposit insurance is mandatory for all federally-chartered banks and savings institutions.

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.