Are deposits insured/safe in Banks?
Deposits are insured up to Rs. 5,00,000 (5 lakh) under the Deposit Insurance and Credit Guarantee Corporation (DICGC), a subsidiary of the Reserve Bank of India and It applies to all banks in india.
You do not have to pay any premium for it. DICGC charges nominal premium to the Bank.
You can find more details at DICGC website www.dicgc.org.in or email your specific queries at email@example.com or address your queries to:
DEPOSIT INSURANCE AND CREDIT GUARANTEE CORPORATION
( Wholly owned subsidiary of the Reserve Bank of India)
Deposit Insurance and Credit Guarantee Corporation, RBI (2nd Floor), Opp. to Mumbai Central Rly. Station, Mumbai – 400008 Tel. No. (022) 2308-4121