Which Banks Are Insured By The DICGC?

The banks that are insured by the Deposit Insurance and Credit Guarantee Corporation (DICGC) are all commercial banks including branches of foreign banks functioning in India, local area banks, regional rural banks and all eligible cooperative banks as defined in Section 2(gg) of the DICGC Act. Primary cooperative societies, Non-Banking Financial Companies(NBFCs) and Mutual Funds are not insured by DICGC.

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Key points:

• The banks that are insured by the Deposit Insurance and Credit Guarantee Corporation (DICGC) are all commercial banks including branches of foreign banks functioning in India, local area banks and regional rural banks.
• All eligible cooperative banks as defined in Section 2(gg) of the DICGC Act are insured by DICGC.
• Primary cooperative societies, Non-Banking Financial Companies(NBFCs), and Mutual Funds are not insured by DICGC.
• DICGC insures all the bank deposits such as Saving Deposits, Recurring Deposits, Current Deposits and Fixed Deposits up to a limit of 5 lahks per account holder per bank.
• DICGC is a wholly owned subsidiary of the Reserve Bank of India.
• DICGC provides printed leaflets to insured banks.

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