ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -The standard deposit insurance amount is $250, 000 per depositor, per insured bank, for each account ownership category. The FDIC insures deposits that a person holds in one insured bank separately from any deposits that the person owns in another separately chartered insured bank.

Detailed explanation-2: -The standard insurance amount is $250, 000 per depositor, per insured bank, for each account ownership category. And you don’t have to purchase deposit insurance. If you open a deposit account in an FDIC-insured bank, you are automatically covered.

Detailed explanation-3: -Add a joint owner Single, individually owned accounts are insured up to $250, 000 total at FDIC member banks. However, joint accounts-with two or more owners-are insured up to $500, 000 total. So to double the insured amount in deposit accounts at a single bank, you can add another owner.

Detailed explanation-4: -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.