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: -SCOPE OF DEPOSIT INSURANCE PROTECTION The PDIC provides a maximum deposit insurance coverage of PhP500, 000 per depositor per bank. It covers all types of bank deposits in banks.

Detailed explanation-3: -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-4: -If the deposit account in a closed bank is more than P500, 000.00, what happens to the excess of the maximum amount of insured deposit? The claim for the uninsured portion of the deposit is a claim against the assets of the closed bank.