The Deposit Insurance and Credit Guarantee Corporation (DICGC) is a wholly owned subsidiary of the Reserve Bank of India (RBI). DICGC provides deposit insurance to banks in India, including co-operative banks.
Shiva Sahakari Bank Niyamita, Davangere is a registered co-operative bank and is covered under the deposit insurance scheme of DICGC as per the provisions of the Deposit Insurance and Credit Guarantee Corporation Act, 1961.
As per the current provisions of the DICGC Act, all eligible deposits of a depositor with this Shivashakari Bank (Niyamit), Davangere are insured up to a maximum of ₹5,00,000 (Rupees Five Lakhs) in the aggregate. Deposits in all branches of a bank are aggregated for the purpose of calculating the insurance coverage.
The following types of deposits are insured under the DICGC insurance scheme
All savings bank accounts are insured under the DICGC scheme
DICGC maintains a dedicated fund to pay insured deposits in the event of bank failure
File claims directly with DICGC to recover your insured deposits quickly
Insurance covers both principal and interest up to ₹5 lakhs per depositor
Comprehensive financial planning services to help you achieve your goals
It must be emphasized that a depositor shall in future lose his right to claim payment of insured amount from the Fund if he withdraws the insured amount from the bank and the bank subsequently liquidated.
Depositors are advised to consider the aggregate balance maintained at the same capacity (in all capacities put together) in the event of going in for a change.
DICGC insures all bank deposits, such as saving, fixed, current, recurring, etc.
