DICGC
Also called Deposit Insurance and Credit Guarantee Corporation
Deposit Insurance and Credit Guarantee Corporation: the RBI arm that insures bank deposits up to ₹5 lakh per bank.
Questions people ask
What is DICGC?
DICGC stands for Deposit Insurance and Credit Guarantee Corporation. It is a fully owned subsidiary of the RBI that insures your bank deposits. If an insured bank fails, it pays each depositor up to 5 lakh rupees, counting principal and interest together.
Is the DICGC cover per account or per bank?
Per depositor, per bank. All your savings, fixed, current and recurring deposits in one bank are added up and covered together to 5 lakh rupees. A second bank gets its own separate 5 lakh cover.
Do I pay for deposit insurance?
No. The insured bank pays the whole premium, per DICGC. The cover applies automatically to eligible deposits.
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