GK
INSURANCE AWARENESS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Rs.100000 per depositors per bank
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Rs.200000 per deposit per bank
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Rs.200000 per depositors across all banks
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Rs.100000 per depositors across all banks
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Detailed explanation-1: -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-2: -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-3: -IInitially, under the provisions of Section 16(1) of the DICGC Act, the insurance cover was limited to 1, 500/-only per depositor(s) for deposits held by him (them) in the “same right and in the same capacity” in all the branches of the bank taken together.