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DICGC is an RBI subsidiary that was formed in 1961 as per the Deposit Insurance and Credit Guarantee Corporation Act of 1961.
DICGC → Deposit Insurance and Credit Guarantee Corporation
RBI → Reserve Bank of India
Let’s first understand what the DICGC exactly insures.
What the DICGC insures and doesn’t insure?
DICGC insures savings bank accounts, current accounts, fixed deposits, recurring deposits etc. Think of any bank deposit instruments, the DICGC has them covered.
However, DICGC doesn’t insure the following:
- Deposits of foreign Governments;
- Deposits of Central/State Governments;
- Inter-bank deposits
- Deposits of the State Land Development Banks with the State cooperative banks;
- Any amount due on account of any deposit received outside India
- Any amount which has been specifically exempted by the corporation with the previous approval of the RBI
Source: DICGC website
List of Banks Covered by the DICGC ✅
Here are the types of banks the DICGC covers:
Type of banks | Number of banks |
Public Sector Banks | 12 |
Private Sector Banks | 21 |
Foreign Banks | 44 |
Small Finance Banks | 12 |
Payment Banks | 6 |
Regional Rural Banks | 43 |
Local Area Banks | 2 |
State Co-operative banks | 33 |
District Central Co-op banks | 352 |
Urban Co-op banks | 1472 |
Source: DICGC website
Here is the list of banks covered by the DICGC:
Public Sector Banks:
- BANK OF BARODA
- BANK OF INDIA
- BANK OF MAHARASHTRA
- CANARA BANK
- CENTRAL BANK OF INDIA
- INDIAN BANK
- INDIAN OVERSEAS BANK
- PUNJAB AND SIND BANK
- PUNJAB NATIONAL BANK
- STATE BANK OF INDIA
- UCO BANK
- UNION BANK OF INDIA
Private Sector Banks:
- AXIS BANK LTD
- BANDHAN BANK LIMITED
- CITY UNION BANK LTD.
- CSB Bank Limited
- DCB BANK LTD.
- DHANALAKSHMI BANK LTD.
- FEDERAL BANK LTD.
- HDFC BANK LTD
- ICICI BANK LIMITED
- IDBI BANK LTD.
- IDFC FIRST BANK LIMITED
- INDUSIND BANK LTD
- JAMMU AND KASHMIR BANK LTD.
- KARNATAKA BANK LTD.
- KARUR VYSYA BANK LTD.
- KOTAK MAHINDRA BANK LTD.
- NAINITAL BANK LTD.
- RBL BANK LIMITED
- SOUTH INDIAN BANK LTD.
- TAMILNAD MERCANTILE BANK LTD.
- YES BANK LTD.
Foreign Banks:
- CTBC BANK
- INDUSTRIAL BANK OF KOREA
- JSC VTB BANK
- SBER BANK
- SUMITOMO MITSUI BANKING CORPORATION
- AMERICAN EXPRESS BANKING CORP.
- Kookmin Bank
- MIZUHO BANK
- AB BANK
- AUSTRALIA AND NEW ZEALAND BANKING GROUP
- BNP PARIBAS
- BANK OF AMERICA
- BANK OF BAHRAIN AND KUWAIT
- Bank of China
- BARCLAYS BANK
- CITI BANK
- Cooperative Rabobank
- CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK
- CREDIT SUISSE AG
- DBS BANK INDIA
- DEUTSCHE BANK
- Doha Bank
- Emirates NBD Bank
- First Abu Dhabi Bank
- FIRSTRAND BANK
- INDUSTRIAL AND COMMERCIAL BANK OF CHINA
- JPMORGAN CHASE BANK
- MASHREQ BANK
- MUFG Bank
- NatWest Markets
- PT Bank Maybank Indonesia
- Qatar National Bank
- SBM Bank (India)
- SHINHAN BANK
- SOCIETE GENERALE
- STANDARD CHARTERED BANK
- THE BANK OF NOVA SCOTIA
- THE HONGKONG & SHANGHAI BANKING CORPORATION
- UNITED OVERSEAS BANK
- BANK OF CEYLON
- KEB Hana Bank
- WOORI BANK
- SONALI BANK
- NONGHYUP BANK
Small Finance Banks:
- North East Small Finance Bank
- Ujjivan Small Finance Bank
- Fincare Small Finance Bank
- Jana Small Finance Bank
- ESAF Small Finance Bank
- Suryoday Small Finance Bank
- Capital Small Finance Bank
- AU Small Finance Bank
- Equitas Small Finance Bank
- Utkarsh Small Finance Bank
- Shivalik Small Finance Bank
- Unity Small Finance Bank
Payments Banks:
- Airtel Payments Bank
- India Post Payments Bank
- PayTm Payments Bank
- FINO Payment Bank
- Jio Payments Bank
- NSDL Payments Bank
Regional Rural Banks:
- Andhra Pradesh Grameena Vikas Bank
- Saptagiri Grameena Bank
- Arunachal Pradesh Rural Bank
- Assam Gramin Vikas Bank
- Chaitanya Godavari Grameena Bank
- Dakshin Bihar Gramin Bank
- Uttar Bihar Gramin Bank
- Chhattisgarh Rajya Gramin Bank
- Baroda Gujarat Gramin Bank
- Saurashtra Gramin Bank
- Sarva Haryana Gramin Bank
- Himachal Pradesh Gramin Bank
- Ellaquai Dehati Bank
- J&K Grameen Bank
- Jharkhand Rajya Gramin Bank
- Karnataka Gramin Bank
- Karnataka Vikas Grameena Bank
- Kerala Gramin Bank
- Madhya Pradesh Gramin Bank
- Madhyanchal Gramin Bank
- Maharashtra Grameen Bank
- Vidharbha Konkan Gramin Bank
- Manipur Rural Bank
- Meghalaya Rural Bank
- Mizoram Rural Bank
- Nagaland Rural Bank
- Odisha Gramya Bank
- Utkal Grameen Bank
- Puduvai Bharathiar Grama Bank
- Punjab Gramin Bank
- Baroda Rajasthan Kshetriya Gramin Bank
- Rajasthan Marudhara Gramin Bank
- Tamilnadu Grama Bank
- Telangana Grameena Bank
- Tripura Gramin Bank
- Andhra Pragathi Grameena Bank
- Aryavart Bank
- Baroda UP Bank
- Prathama UP Gramin Bank
- Uttarakhand Gramin Bank
- Bangiya Gramin Vikash Bank
- Paschim Banga Gramin Bank
- Uttar Banga Kshetriya Gramin Bank
Local Area Banks:
- Coastal Local Area Bank Ltd., Andhra Pradesh
- Krishna Bhima Samruddhi Local Area Bank Ltd.
State Co-operative Banks:
- Andaman & Nikobar State Cooperative Bank Ltd.
- Andhra Pradesh State Co-op. Bank Ltd.
- Assam Co-operative Apex Bank Ltd.
- Bihar State Co-operative Bank Ltd.
- Delhi State Co-operative Bank Ltd.
- Goa State Co-operative Bank Ltd.
- Gujarat State Co-operative Bank Ltd.
- Haryana State Co-op. Apex Bank Ltd.
- Himachal Pradesh State Co-op. Bank Ltd.
- Jammu and Kashmir State Co-op. Bank Ltd.
- Jharkhand State Cooperative Bank Ltd., Ranchi
- Karnataka State Co-op. Apex Bank Ltd.
- Kerala State Co-operative Bank Ltd.
- Madhya Pradesh Rajya Sah. Bank Maryadit
- Maharashtra State Co-operative Bank Ltd.
- Manipur State Co-operative Bank Ltd.
- Meghalaya Co-operative Apex Bank Ltd.
- Mizoram State Co-op Apex Bank Ltd.
- Orissa State Co-operative Bank Ltd.
- Puducherry State Co-operative Bank Ltd.
- Sikkim State Co-operative Bank Ltd.
- Tamilnadu State Co-operative Apex Bank Ltd.
- Telangana State Cooperative Apex Bank Ltd.
- The Arunachal Pradesh State Co-op. Apex Bank Ltd.
- The Chandigarh State Co-op. Bank Ltd.
- The Chhattisgarh Rajya Sahakari Bank Mydt.
- The Nagaland State Co-operative Bank Ltd.
- The Punjab State Cooperative Bank Ltd.
- The Rajasthan State Co-op. Bank Ltd.
- Tripura State Co-operative Bank Ltd.
- Uttar Pradesh Co-operative Bank Ltd.
- Uttarakhand Rajya Sahakari Bank Ltd.
- West Bengal State Co-op. Bank Ltd.
District Central Co-operative Banks:
Click here for the full list of 300+ District Central Co-operative Banks insured by the DICGC.
Urban Co-operative Banks:
Click here for the full list of 1,300+ Urban Co-operative Banks insured by the DICGC.
Note: List of banks as found on DICGC website as in April, 2024.
DICGC Insurance Coverage History
As of April 2024, DICGC insures Rs. 5 lakh per depositor per bank. So, as long as your total deposits (principal + interest) in any bank don’t exceed Rs. 5 lakh, they are fully insured.
However, if your deposits in a bank exceed Rs. 5 lakh, only deposits up to Rs. 5 lakh would be insured.
The insurance in previous years was lower than Rs. 5 lakh and has been progressively increased. Here’s the history of DICGC insurance coverage on deposits:
Amount Insured | Effective From |
Rs. 5,000/- | 1st January 1968 |
Rs. 10,000/- | 1st April 1970 |
Rs. 20,000/- | 1st January 1976 |
Rs. 30,000/- | 1st July 1980 |
Rs. 1,00,000/- | 1st May 1993 |
Rs. 5,00,000/- | 4th February 2020 |
Source: DICGC website
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