who pay the cost of deposit insurance with dicgc
Deposit Insurance and Credit Guarantee Corporation A maximum of Rs 1,00,000 is insured for each user for both principal and interest amount. If the customer has accounts in different banks, all of those accounts are insured to a maximum of Rs 1,00,000. However, if there are more accounts in same bank, all of those are treated as a single account. The insurance premium is paid by the insured banks itself. This means that the benefit of deposit insurance protection is made available to the depositors or customers of banks free of cost. The Corporation has the power to cancel the registration of an insured bank if it fails to pay the premium for three consecutive half-year periods. The Corporation may restore the registration of the bank, which has been de-registered for non-payment of premium, if the concerned bank makes a request in this behalf and pays all the amounts due by way of premium from the date of default together with interest.