banking · In Force

Deposit Insurance and Credit Guarantee Corporation Act 1961

2021: Rs 5 lakh deposit insurance per depositor per bank. 90-day claim settlement if bank placed under directions. Covers savings, FD, RD, current accounts.

Amended

2021

Ministry

Ministry of Finance

Key provisions and changes

• Rs 5 lakh insurance limit
• 90-day claim settlement
• All bank types covered
• Premiums paid by banks
• PMC Bank crisis catalysed amendment