Civil Procedure Code (CPC)

Frdi act


Dear Experts,

If I book a FD in a Bank for X Lacs, then that FD will be insured for 5 Lacs but if I book N number of FDs for X/N Lacs each in the same Branch of the same Bank, then will each FD be insured under the FRDI Act for 5 Lacs each or will the entire amount of X Lacs be insured for just 5 Lacs?

Kaushik.

 
Reply   
 
Retired employee.

The aggregate cover is a maximum of Rs.5.00 lakhs in one name.  It can be different names and then each first name coverage comes to Rs.5 lakhs.  A has deposited lakhs of Rs.3, 3 1 , 6: maximum coverage is Rs.5 lakhs.   If A depositors in B, C, or D family members then each number is treated as a separate individual and each individual is entitled to coverage of Rs.5 lakhs.

You can file RTI Application to RBI, DBOD, Fort, Mumbai and  can seek for that specific copy of directives issued by them and go through the directives for more information

 
Reply   
 


Advocate

Why "If" - is this not a real query?

 
Reply   
 

LEAVE A REPLY


    

Your are not logged in . Please login to post replies

Click here to Login / Register  


 

  Search Forum








×

Menu

Post a Suggestion for LCI Team
Post a Legal Query
Civil Litigation Course     |    x