Band fd backed by nottery
tushar
(Querist) 04 October 2013
This query is : Resolved
Good day sir/madam,
BAnk Fixed deposit is insured for only 1 Lacs per customer irrespective of FD amount.
But If Private sector back claims to give statement of returns on Fixed deposits on stamp paper and nottery it.
is it possible to recover Full amount from bank instead 1 lacs insurance amount if something goes wrong with bank business???
please advice
RAJU O.F.,
(Expert) 05 October 2013
Insurance come into the picture only when the deposited bank fail. So, if there is no insurance coverage for more amount of deposit, you will have to file suit against the said bank, or to claim share with the official liquidator if bank is on liquidation.
Rajendra K Goyal
(Expert) 05 October 2013
It is not the amount of FD only but total deposit of a customer provided the Bank is
covered under DICGC Insurance. Instructions are as follow:
"Each depositor in a bank is insured upto a maximum of Rs.1,00,000 (Rupees One Lakh) for both principal and interest amount held by him in the same capacity and same right 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 procedure would be same if the Bank goes into liquidation to recover whether the amount is in account or supported by written stamp paper.
RAJU O.F.,
(Expert) 07 October 2013
DICGC coverage is available only to the bank which subscribed to DICGC. Many banks already opted out from DICGC coverage.
