OMPRAKASH DEORA PEOPLE’S CO.OP BANK LTD, is registered with DICGC (https://www.dicgc.org.in/)
- 9172046955
- customer.support@odpcbank.com
Deposit Insurance and Credit Guarantee Corporation
DICGC
Frequently Asked Questions
For Depositors
Commercial Banks: All commercial banks including branches of foreign banks functioning in India, local area banks and regional rural banks are insured by the DICGC.
Cooperative Banks : All State, Central and Primary cooperative banks, also called urban cooperative banks, functioning in States / Union Territories which have amended the local Cooperative Societies Act empowering the Reserve Bank of India (RBI) to order the Registrar of Cooperative Societies of the State / Union Territory to wind up a cooperative bank or to supersede its committee of management and requiring the Registrar not to take any action regarding winding up, amalgamation or reconstruction of a co-operative bank without prior sanction in writing from the RBI are covered under the Deposit Insurance Scheme. At present all co-operative banks are covered by the DICGC.
Primary cooperative societies are not insured by the DICGC.
Each depositor in a bank is insured up to a maximum of 5,00,000 (Rupees Five Lakhs) for both principal and interest amount held by him in the same right and same capacity 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.
The DICGC while registering the banks as insured banks furnishes them with printed leaflets for display giving information relating to the protection afforded by the Corporation to the depositors of the insured banks. In case of doubt, depositor should make specific enquiry from the branch official in this regard.
The deposits kept in different branches of a bank are aggregated for the purpose of insurance cover and a maximum amount of up to Rupees five lakhs is paid.
The DICGC insures principal and interest upto a maximum amount of five lakhs. For example, if an individual had an account with a principal amount of 4,95,000 plus accrued interest of 4,000, the total amount insured by the DICGC would be 4,99,000. If, however, the principal amount in that account was five lakhs, the accrued interest would not be insured, not because it was interest but because that was the amount over the insurance limit.
All funds held in the same type of ownership at the same bank are added together before deposit insurance is determined. If the funds are in different types of ownership or are deposited into separate banks they would then be separately insured.
Yes. If you have deposits with more than one bank, deposit insurance coverage limit is applied separately to the deposits in each bank.
Your funds from each bank would be insured separately, regardless of the date of closure.
If an individual opens more than one deposit account in one or more branches of a bank for example, Shri S.K. 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. Therefore, the balances in all these accounts are aggregated and insurance cover is available upto rupees five lakhs in maximum.
If Shri S.K. Pandit also opens 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. K. A. Pandit, in one or more branches of the bank then such accounts are considered as held in different capacity and different right. Accordingly, such deposits accounts will also enjoy the insurance cover upto rupees five lakhs separately.
It is further clarified that the deposit held in the name of the proprietary concern where a depositor is the sole proprietor and the amount of Deposit held in his individual capacity are aggregated and insurance cover is available upto rupees five lakhs in maximum.
Illustrations
| Savings A/C | Current A/C | FD A/C | Total Deposits | Deposits Insured upto | |
| Shri S. K. Pandit (Individual) | 4,17,200 | 22,000 | 80,000 | 5,19,200 | 5,00,000 |
| Shri S. K. Pandit (Partner of ABC & Co.) | 4,75,000 | 50,000 | 5,25,000 | 5,00,000 | |
| Shri S. K. Pandit (Guardian for Master Ajit) | 97,800 | 3,80,000 | 4,77,800 | 4,77,800 | |
| Shri S. K. Pandit (Director, J.K. Udyog Ltd.) | 4,30,000 | 2,45,000 | 6,75,000 | 5,00,000 | |
| Shri S. K. Pandit jointly with Smt. K. A. Pandit | 87,500 | 4,50,000 | 70000 | 6,07,500 | 5,00,000 |
Deposits held in joint accounts (revised w.e.f. April 26, 2007)
If more than one deposit accounts (Savings, Current, Recurring or Fixed deposit) are jointly held by individuals in one or more branch of a bank say three individuals A, B & C hold more than one joint deposit accounts in which their names appear in the same order then all these accounts are considered as held in the same capacity and in the same right. Accordingly, balances held in all these accounts will be aggregated for the purpose of determining the insured amount within the limit of 
5 lakhs.
However, if individuals open more than one joint accounts in which their names are not in the same order for example, A, B and C; C, B and A; C, A and B; A, C and B; or group of persons are different say A, B and C and A, B and D etc. then, the deposits held in these joint accounts are considered as held in the different capacity and different right. Accordingly, insurance cover will be available separately upto rupees five lakhs to every such joint account where the names appearing in different order or names are different.
Illustrations
| Account (i) (Savings or Current A/C) | First a/c holder- “A” Second a/c holder – “B” | Maximum insured amount upto 5 lakh |
| Account (ii) | First a/c holder – “A” Second a/c holder – “C” | Maximum insured amount upto 5 lakh |
| Account (iii) | First a/c holder – “B” Second a/c holder – “A” | Maximum insured amount upto 5 lakh |
| Account (iv) at Branch ‘X’ of the bank | First a/c holder – “A” Second a/c holder – “B” Third a/c holder – “C” | Maximum insured amount upto 5 lakh |
| Account (v) | First a/c holder – “B” Second a/c holder – “C” Third a/c holder – “A” | Maximum insured amount upto 5 lakh |
| Account (vi)(Recurring or Fixed Deposit) | First a/c holder – “A” Second a/c holder – “B” | The account will be clubbed with the a/c at (i) |
| Account (vii) At Branch ‘Y’ of the bank | First a/c holder – “A” Second a/c holder – “B” Third a/c holder – “C” | The account will be clubbed with the a/c at (iv) |
| Account (viii) | First a/c holder – “A” Second a/c holder – “B” Third a/c holder – “D” | Maximum insured amount upto 5 lakh |
Yes. Banks have the right to set off their dues from the amount of deposits as on cut off date. The deposit insurance is available after netting of such dues.
Deposit insurance premium is borne entirely by the insured bank.
If a bank goes into liquidation, DICGC is liable to pay to the liquidator the claim amount of each depositor upto Rupees five lakhs within two months from the date of receipt of claim list from the liquidator. The liquidator has to disburse the claim amount to each insured depositor corresponding to their claim amount.”
If a bank is reconstructed or amalgamated / merged with another bank: The DICGC pays the bank concerned, the difference between the full amount of deposit or the limit of insurance cover in force at the time, whichever is less and the amount received by him under the reconstruction / amalgamation scheme within two months from the date of receipt of claim list from the transferee bank / Chief Executive Officer of the insured bank/transferee bank as the case may be.”
No. In the event of a bank’s liquidation, the liquidator prepares depositor wise claim list and sends it to the DICGC for scrutiny and payment. The DICGC pays the money to the liquidator who is liable to pay to the depositors. In the case of amalgamation / merger of banks, the amount due to each depositor is paid to the transferee bank.
No. The deposit insurance scheme is compulsory and no bank can withdraw from it.
The Corporation may cancel the registration of an insured bank if it fails to pay the premium for three consecutive periods. In the event of the DICGC withdrawing its coverage from any bank for default in the payment of premium the public will be notified through newspapers. Registration of an insured bank stands cancelled if the bank is prohibited from receiving fresh deposits; or its licence is cancelled or a licence is refused to it by the RBI; or it is wound up either voluntarily or compulsorily; or it ceases to be a banking company or a co-operative bank within the meaning of Section 36A(2) of the Banking Regulation Act, 1949; or it has transferred all its deposit liabilities to any other institution; or it is amalgamated with any other bank or a scheme of compromise or arrangement or of reconstruction has been sanctioned by a competent authority and the said scheme does not permit acceptance of fresh deposits. In the event of the cancellation of registration of a bank, deposits of the bank remain covered by the insurance till the date of the cancellation.
The Corporation has deposit insurance liability on liquidation etc. of “Insured banks” i.e. banks which have been de-registered (a) on account of prohibition on receiving fresh deposits or (b) on cancellation of license or it is found that license cannot be granted. The liability of the Corporation in these cases is limited to the extent of deposits as on the date of cancellation of registration of bank as an insured bank.
On liquidation etc. of other de-registered banks i.e. banks which have been de-registered on other grounds such as non payment of premium or their ceasing to be eligible co-operative banks under section 2(gg) of the DICGC Act, 1961, the Corporation will have no liability.
Notice : Information given above is to convey the basic provisions of the deposit insurance scheme of the Corporation. The information is of a non-technical nature and is not intended to be a legal interpretation of the deposit insurance scheme.
Visit DICGC website for more info
For Liquidators
In terms of provisions of the DICGC Act, 1961, on cancellation of registration as an insured bank, the Corporation is liable to pay every depositor, the eligible amount subject to the limit of the insurance cover, based on his deposit/s and loans in the bank as on the cut-off date.
The claim list is required to be prepared by the Liquidator appointed by the respective RCS or CRCS to complete the liquidation process. The liquidator represents the interests of all creditors.
The date of deregistration of a bank as an insured bank is the cut-off date. The claim amount (including interest) payable to each depositor, after set-off of loans and advances and clubbing of deposits, in the ‘same capacity and same right’ is to be prepared depositor-wise as on the cut-off date.
The claim list is prepared depositor-wise after exercising proper set-off of dues, if any, and clubbing of deposits in the same capacity and same right etc. Please refer to the link ‘Guidelines to Liquidator’.
The statutory requirement is that after the liquidator’s appointment, he should submit the claim list in such form and manner stipulated by DICGC, with least possible delay and under any circumstances not later than 3 months from the date of his/her assuming charge as liquidator.
If a bank goes into liquidation, the DICGC is liable to pay to each depositor through the liquidator, the admissible amount upto a maximum amount of Rupees five lakhs after exercising proper set-off of dues, if any, and clubbing of deposits in the same capacity and same right. On scrutiny of the main Claim list submitted by the Liquidator, admissible claim amount is arrived at by the Corporation. If the liquidated bank has liquid funds available with them, they are advised to pay to the eligible depositors as per DICGC Act, 1961 out of the liquid funds and no amount is released by DICGC. However, in case of partial or non-availability of liquid funds, part or full payment, as applicable, is released by DICGC. The amount paid from liquid funds by the liquidator is accounted as release of funds by DICGC and simultaneous repayment received from the bank by the Corporation.
Yes, the liquidator is bound by statute to repay the amount released by DICGC. However, if the claim is settled out of liquid funds available with the bank, the same amount is adjusted towards repayments received by the Corporation.
The admissible claim amount which has been released by DICGC but lying with the liquidator for disbursement to the depositors who have not approached the liquidator for receipt of the amount is the undisbursed amount.
Yes. The undisbursed amount should necessarily be refunded to DICGC.
The undisbursed amount is to be refunded to DICGC without fail within 15 days after four months from the date of release of the fund by DICGC.
The amount should be refunded along with the list of the depositors and claim numbers against whom the amount pertains. The details of amount refunded and list of the depositors should also be sent by email to dicgc@rbi.org.in.
Yes. The data in the statement should be correct and there should not be any delay / default in submission of such statements. Please refer to the link ‘Guidelines to the Liquidator’.
Yes. DICGC insures principal and interest of eligible depositors upto a maximum admissible amount of Rupees five lakhs. The deposits kept in different branches of a bank are aggregated for the purpose of insurance cover and a maximum admissible amount.
Mode of Payment | Current Account No. | IFSC Code | Beneficiary Name |
|---|---|---|---|
RTGS/NEFT | 8705688 | DICG0000002 | DICGC |
dicgc@rbi.org.in
Notice : Information given above is to convey the basic provisions of the deposit insurance scheme of the Corporation. The information is of a non-technical nature and is not intended to be a legal interpretation of the deposit insurance scheme.
Visit DICGC website for more info
For Banks
Insured banks are given two month time period to make premium payment to DICGC on its total deposits. In case of delay in premium payment, banks are liable to pay penal interest at 8 per cent above the Bank rate from the beginning of the financial half year till the date of payment.Hence, it is in bank’s own interest to pay premium within due date so that payment should reach to DICGC for half year ending March on or before November 30 and for half year ending September on or before May 31.
Bank is liable to pay penal interest of two months for even one day delay i.e. for half year ending March 2016, due date is Nov 30.However,if payment is made to DICGC on Dec 01, interest charged from bank would be from Oct 01 till Dec 01.Penal interest charged is (Bank Rate + 8 %).
It has been observed that many a times remittance made by a co-operative bank through other banks gets returned resulting in imposition of interest.Therefore, banks are advised to enquire from remitting bank whether the payment has been actually credited to DICGC.
Premium payable by bank needs to be determined on the basis of its total deposits as on last day of the preceding half year (for half year ending march 2016, deposit base is September 30, 2015 and last date for payment is Nov 30).{DICGC General Regulations 19(2)}.Banks wilfully making statement which is false in any material or omittingany substantial information shall be punishable with imprisonment for a term which may extend to three years and shall also be liable to fine as per act.{DICGC Act Section 47(1)}.
DI Returns should reach DICGC as soon as possible after the commencement of each calendar half-year but in any event not later than the last day of the second month of that half-year duly certified by two officials authorised by bank.{DICGC General Regulations 19(3)}.
Further, if a bank fails to submit deposit Insurance returns within due date, it shall be punishable with a fine of two thousand rupees in respect of each offence and in the case of a continuing failure, with an additional fine which may extend to one hundred rupees for every day during which the failure continues after conviction for the first such failure.{DICGC Act Section 47(2)}.
Mode of Payment | Current Account No. | IFSC Code | Beneficiary Name |
|---|---|---|---|
RTGS/NEFT | 8705688 | DICG0000002 | DICGC |
LEI Number of DICGC: 3358009Y3QIG75JPJ806
Notice : Visit DICGC website for more info