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The DICGC Act, 2021, cover banks that have been already placed under a moratorium and will insure savings deposits, fixed deposits, current and recurring deposits.
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Each depositor’s balance of ₹5 lakh is guaranteed for both principal and interest.
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In the first 45 days, after the bank is placed under a moratorium by the Reserve Bank of India (RBI), the lender will collect all depositor claims and submit them to DICGC.
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The corporation will process the claims in real time. Within 90 days, the process will be completed, even when the bank resolution is ongoing.
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For delay in payment of premium, the bank is liable to pay interest at the rate of 8 percent above the Bank Rate on the default amount from the beginning of the relevant half-year till the date of payment.