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Your bank deposits have insurance just up to Rs 1 lakh

  • IndiaGlitz, [Tuesday,December 03 2019]

If you own Rs 10 lakh as deposits in a bank and the bank fails, you will get Rs 1 lakh only as recovery. Not every single rupee you own as deposits will be returned. This has been confirmed by Deposit Insurance and Credit Guarantee Corporation (DICGC), a subsidiary of the Reserve Bank of India.

This has always been the case for several years. And it has been reaffirmed by an RTI reply.

The Rs 1 lakh ceiling applies to savings, fixed, current and recurring accounts put together, not separately.

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