The Ultimate Guide to The Deposit Insurance And Credit Guarantee Corporation

Did you know that your bank deposits are insured under the Deposit Insurance and Credit Guarantee Corporation? Confused? Let’s simplify.

The Deposit Insurance and Credit Guarantee Corporation Act of 1961 was passed to protect depositors’ interests if a bank went bankrupt.

According to the Act, commercial and co-operative bank deposits are covered by the Deposit Insurance and Credit Guarantee Corporation (DICGC).

The deposits include money held in the following accounts:

•Savings Account

•Current Account

•Fixed Deposit

•Recurring Deposit

The coverage is up to ₹5 lakh on the aggregate amount held in all accounts in one bank. This includes the principal and interest.

If the bank goes bankrupt, up to ₹5 lakh of your deposits would be repaid by the DICGC. So you can rest assured that your deposits are safe.

IDFC FIRST Bank is a recognised commercial bank covered by the DICGC. Open an account today and enjoy your deposits’ safety.