18 thoughts on “How to increase Bank Deposit Insurance legally to 75 Lakhs?”

  1. My account in sbi bank and how i insure my account bank account by dicgc or i fill extra form for it

  2. Sir my account in sbi bank,how i know my account is insure by dicgc or i fill extra form for insurance coverage

  3. I have two account.One ALLAHADABAD BANK & another INDIAN BANK.After bankrupt DICGC rules what is the secure money 5 lakh each bank or 5 lakh both bank.

  4. It is really absurd that the max cap for deposit insurance is ONLY 1 Lakh. Especially when the original ruling was issued in the early 90’s – things have changed a lot since then. Although we’re talking about an amount that nearly 90% of us will never be able to avail, but for those actually investing+insuring, these are woefully diminished returns. The RBI has been tactful in circumventing any huge banking failures, save for PNB, Allahabad Bank, etc. but the debt ceiling about to be reached, the same way it did to USA in 2008 – a huge crisis is due. Those who’ve insured themselves, will be tossed for a loss.
    ~Sanjeev Nanda

  5. Sir, I have one sb account with two fds … 1st fd – Myself and my wife…. 2nd fd – my wife and myself. will I get 2L insurance or 1L

  6. Consider updating this article with recent info, and kindly elaborate on tax liability and how to ensure depositor information is sent to DICGC on time.

    1. There has been no change in this insurance coverage. Also banks are responsible for sending information. You and me can’t do much about it!

  7. I and my wife have separate sb a/c in bank “x”. i myself have deposit of 1 lakh as a single holder and my wife have depsoit of 1 lakh as single holder. My query is that if I make a fresh deposit of 1 lakh with my name as first depositer and my wife name as second depositer, then this new account wil be treated as seperate one, as the money is being transered to this Joint FD a/c is from my sb account which is a sole one?

  8. This is ridiculus. In 1993 most people had jobs paying them around a lakh per year.. Today the same qualified people are earning at least 15 to 20 Lakhs per year.
    The value of Rs 1 lakh in 1993 was also very different than now.
    It clearly indicates that bank insurance should be increased IMMEDIATELY to at least 15 lakhs per account.
    Bank depositors must demand this immediately.

    How can people increase the insurance on their own through some insurance companies in the interim.

  9. Thanks a lot for publishing very useful topic “13 points about Bank Deposit Insurance and How to increase it legally”

  10. If i open one savings account in my name and then get 3 joint fixed deposit from it with combination of myself and my brother, myself and my father, myself and my mother. Will it be seperately insured as its joint fixed deposit account with different combination of names.

  11. Really nice elaboration to know that accounts held in un-similar serial of holding in case of joint accounts would be treated as different accounts-even accounts held as guardian.
    One query : For example, if I have one account as single holder, and second account with the same bank with me as first holder and second holder is my wife/son, still these two accounts would be treated as two separate accounts or not.

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