To protect the interest of depositors there is provision of insurance of bank deposits upto Rs 1 lakh in deposit accounts with banks. The Deposit Insurance and Credit Guarantee Corporation of India insures the deposits with insured banks upto the extent of Rs 1 lakh in each account.
The deposits in different branches of the same bank of an individual depositor are taken together for computing the total value of Rs 1 lakh. However where the depositor has deposits with more than one bank the insurance cover is applied separately for each deposit in different banks. The insurance cover is available for all deposit accounts like savings, current, recurring, fixed deposits etc.
The deposits in different branches of the same bank of an individual depositor are taken together for computing the total value of Rs 1 lakh. However where the depositor has deposits with more than one bank the insurance cover is applied separately for each deposit in different banks. The insurance cover is available for all deposit accounts like savings, current, recurring, fixed deposits etc.
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