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then, the deposits held in this joint accounts are considered as held in the different capacity and different right.Accordingly, insurance cover will be available separately upto rupees one lakh to every such joint account where the names appear in different order or names are different.One lakh, the accrued interest would not be insured, not because it was interest but because that was the amount over the insurance limit.

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Q 3 What is the maximum deposit amount insured by the DICGC?

Each depositor in a bank is insured upto a maximum of Rs.1,00,000 (Rupees One Lakh) for both principal and interest amount held by him in the same capacity and same right as on the date of liquidation/cancellation of bank's licence or the date on which the scheme of amalgamation/merger/reconstruction comes into force.

Primary cooperative societies are not insured by the DICGC. In the event of a bank failure, DICGC protects bank deposits that are payable in India.

The DICGC insures all deposits such as savings, fixed, current, recurring, etc. (i) Deposits of foreign Governments; (ii) Deposits of Central/State Governments; (iii)Inter-bank deposits; (iv) Deposits of the State Land Development Banks with the State co-operative bank; (v) Any amount due on account of any deposit received outside India (vi) Any amount, which has been specifically exempted by the corporation with the previous approval of Reserve Bank of India.

Q 16 Can any insured bank withdraw from the DICGC coverage? The deposit insurance scheme is compulsory and no bank can withdraw from it.

Q 17 Can the DICGC withdraw deposit insurance coverage from any bank?In case of doubt, depositor should make specific enquiry from the branch official in this regard.Q 5 What is the ceiling on amount of Insured deposits kept by one person in different branches of a bank?Q 11 What is the meaning of deposits held in the same capacity and same right; and deposits held in different capacity and different right? Pandit opens one or more savings/current account and one or more fixed/recurring deposit accounts etc., all these are considered as accounts held in the same capacity and in the same right. Pandit holds other deposit accounts in his capacity as a partner of a firm or guardian of a minor or director of a company or trustee of a Trust or a joint account, say with his wife Smt. Accordingly, such deposits accounts will also enjoy the insurance cover upto rupees one lakh separately.If an individual opens more than one deposit account in one or more branches of a bank, e.g. Therefore, the balances in all these accounts are aggregated and maximum insurance cover is available upto rupees one lakh. It is further clarified that the deposit held in the name of the proprietary concern where a depositor is the sole proprietor and the deposit held in his individual capacity are aggregated and insurance cover is available upto rupees one lakh in maximum.Such accounts include those in the owner’s name; those established for the benefit of the owner by agents, nominees, guardians, custodians, or conservators; and those established by a business that is a sole proprietorship.

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