GENERAL KNOWLEDGE

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 principal and interest upto a maximum amount of five lakhs.

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.

Detailed explanation-4: -(I) All commercial banks including the branches of foreign banks functioning in India, Local Area Banks and Regional Rural Banks. (II) Co-operative Banks-All eligible co-operative banks as defined in Section 2(gg) of the DICGC Act are covered by the Deposit Insurance Scheme.