Banking
DICGC
Also known as: Deposit Insurance, Bank Deposit Protection, DICGC Insurance
Deposit Insurance and Credit Guarantee Corporation that insures bank deposits up to ₹5 lakhs per depositor per bank.
Detailed Explanation
DICGC (Deposit Insurance and Credit Guarantee Corporation) is a subsidiary of RBI that provides deposit insurance for bank deposits. Each depositor is covered up to ₹5 lakhs per bank (including principal and interest) in case of bank failure. This protection applies to savings accounts, current accounts, fixed deposits, and recurring deposits in scheduled commercial banks and cooperative banks. Corporate FDs do not have DICGC protection, making credit assessment crucial.