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Deposit insurance is the cover that bank depositors receive when the bank fails, goes into liquidation or is unable to pay its depositors. In India, deposit insurance is guaranteed by the Deposit Insurance and Credit Guarantee Corporation (DICGC). In cases where a bank collapses and cannot pay its depositors, DICGC steps in and covers losses up to Rs 5 lakhs. Depositor insurance covers all types of deposits offered by lenders, viz. savings, fixed, recurring and current. In India, all operational banks except primary cooperative banks are required to be registered under the depositor insurance scheme under DICGC.
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