A Complete Guide to DICGC Insured Banks List & Deposit Protection

When we deposit our hard-earned money in a bank, we expect it to remain secure. This is where the DICGC plays a crucial role. A wholly owned subsidiary of the Reserve Bank of India, DICGC full form stands for Deposit Insurance and Credit Guarantee Corporation. It was established on July 15, 1978, through the merger of the Deposit Insurance Corporation (DIC) and the Credit Guarantee Corporation of India Limited (CGCI). 

In the event of a bank facing financial difficulties, DICGC safeguards account holders by ensuring they receive their funds, up to a specified limit. This blog will walk you through a detailed guide on DICGC insured banks list while highlighting all the associated details that you need to know. 

What Is DICGC Accreditation?

The Deposit Insurance and Credit Guarantee Corporation protects account holders by insuring bank deposits up to a certain limit. Considering DICGC accreditation, you can determine if a bank is protected under DICGC. All banks receive a certificate that proves coverage under this scheme. 

If someone is unsure whether their bank falls under the DICGC insured banks list, they can ask the bank staff for confirmation. DICGC coverage gives account holders confidence that their savings are safe. 

What Types of Banks Are Insured Under DICGC?

In India, most commercial and cooperative banks fall under DICGC insured banks list. Let us find out more about these two categories of banks in detail: 

• Commercial Banks: These include foreign bank branches, regional rural banks and local area banks.
• Cooperative Banks: Under this category, DICGC covers primary, central and state cooperative banks registered under the DICGC Act, of 1961. Only eligible cooperative banks, as mentioned in the Act, can avail this insurance.

List of Insured Banks Under DICGC

The list of banks covered under DICGC is as follows:

The above DICGC insured banks list outlines a few prominent ones among the numerous banks that fall under this insurance scheme.

Want to know if your bank is insured? Check for yourself by visiting the official DICGC website and verify it yourself now!

How to Register Banks Under DICGC?

Banks must register after getting a license to be on the DICGC insured banks list. Here’s how bank registration works under DICGC. Take a look: 

1. Registration for New Banks

• As mandated by the DICGC Act, 1961, all new commercial and cooperative banks must register with DICGC after getting their banking license from RBI under Section 22 of the Banking Regulation Act, 1949.
• Cooperative banks must complete their registration within three months of applying for a license.
• Regional rural banks must register within 30 days since they are established in terms of Section 11A of the DICGC Act, 1961. 

1. Registration Confirmation

• Once a bank registers itself, DICGC sends a confirmation letter to the bank.
• This letter is sent within 30 days to inform the bank that it has been registered under the DICGC scheme.

Final Word 

Understanding how DICGC operates provides confidence in the security of bank deposits. The DICGC insured banks list helps depositors ensure their money is protected. Before opening a bank account, verifying its insurance coverage under DICGC is a smart move. This guarantees that savings remain safe even if the bank faces financial difficulties. Staying informed helps in choosing a bank that prioritises deposit security. 

Read More About DICGC:
What is DICGC Insurance & Limit
RBI’s Role in Strengthening DICGC Insurance in FD for Investor’s Safety
Know All About the Deposit Insurance System in India
Benefits of Raising Deposit Insurance Limits in the Light of the Recent Incident

References:

https://www.rbi.org.in/commonman/english/Scripts/FAQs.aspx?Id=272