Are Your Savings Safe ???

YOUR BANK DEPOSIT IS INSURED... TO AN EXTENT

Most of us have bank deposits. Are they safe? Have you ever given this a thought? Here is the truth. Your bank deposit are insured by the Deposit Insurance and Credit Guarantee Corporation (DICGC). Does this trigger a number of questions in your mind? Here are the answers...

Is my bank covered?
If your deposits are with the following bank, yes, they are insured:

• Commercial banks
• Foreign bank branches
• Rural regional banks
• Local area banks
• Co-operative banks (Excluding Meghalaya and Union Territories)

However, it is necessary to remember that co-operative societies do not fall under the DICGC Scheme.

Is my entire bank deposit covered?

Your depsosit up to Rs 1 lakh are covered.

Is interest accumulated on the deposit also covered?

Yes.

What happen if I have deposits in different branches of the same bank?

The cap of the cover is Rs 1 lakh. However, if you have deposits in different banks, you get a cover of Rs 1 lakh per bank.

I have joint accounts in the same bank; is this cover capped to Rs 1 lakh for all?

No; if you have joint accounts with different combinations of names, they get a seperate cover.

How do I ensure that all my money is safe?

The best option is to choose a reputed bank, where you can be sure that your money is safe, with your without Insurance!