DICGC COVER

[MANISH BOSE]

DICGC COVER IS AVAILABLE FOR ACCOUNTS WITH DIFFERENT RIGHTS AND DIFFERENT CAPACITIES. NOW, IF I MAINTAIN 3 FD ACCOUNTS WITH A BANK IN 3 different capacities viz. (1) Myself + Wife in E or S mode (2) Wife + Myself in E or S mode and (3) MYSELF, will all the 3 accounts be protected under DICGC cover of Rs. 5 lacs, separately? I mean, will each of the 3 accounts be covered separately with the DICGC cover of Rs.5 lacs(maximum amount of cover)?

 

[zacobite]

DICGC COVER IS AVAILABLE FOR ACCOUNTS WITH DIFFERENT RIGHTS AND DIFFERENT CAPACITIES. NOW, IF I MAINTAIN 3 FD ACCOUNTS WITH A BANK IN 3 different capacities viz. (1) Myself + Wife in E or S mode (2) Wife + Myself in E or S mode and (3) MYSELF, will all the 3 accounts be protected under DICGC cover of Rs. 5 lacs, separately? I mean will each of the accounts will be covered separately with the DICGC cover of Rs.5 lacs(maximum amount of cover) each?

1 and 2 maybe treated the same.. but u r right.. 15 L covered

 

[Ganesh_Shinde]

Yes, you've understood the DICGC cover for different rights and capacities correctly. In your scenario, all 3 FD accounts you mentioned would be eligible for separate DICGC cover of up to Rs. 5 lakh each.
Here's a breakdown:

• DICGC Cover per Depositor: DICGC insurance applies to each individual depositor, not the account itself.
• Different Rights and Capacities: Accounts held jointly with different ordering (e.g., yourself + wife vs. wife + yourself) or held in different capacities (e.g., individual vs. account with someone else) are treated separately.

So, for your 3 FDs:

1. Myself + Wife (E or S mode): Both you and your wife would be eligible for up to Rs. 5 lakh cover each on this account.
2. Wife + Myself (E or S mode): Similar to account 1, both you and your wife would be eligible for up to Rs. 5 lakh cover each.
3. Myself: You would be eligible for up to Rs. 5 lakh cover on this individual account.

Therefore, in case of bank liquidation, you and your wife could potentially receive a total of Rs. 15 lakh (Rs. 5 lakh each for accounts 1 and 2, and Rs. 5 lakh for account 3).
Here are some resources for further reference:

• DICGC - A Guide to Deposit Insurance: ***********.rbi.org.in/commonperson/english/scripts/FAQs.aspx?Id=272
• DICGC Notice - J.P. Morgan (covers different rights and capacities): ***********.jpmorgan.com/content/dam/jpm/global/disclosures/IN/india_dicgc.pdf