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Insurance cover for bank deposits maybe doubled
Financial Express Kochi
|February 19, 2025
PUBLIC REPRESENTATIONS HAVE been received to increase the deposit cover to as much as ₹20-25 lakh, given the rise in income level and inflation.
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"But it might be raised to ₹10 lakh. DICGC may increase fees to some extent for that," another person aware of the matter said.
Senior citizen associations have been demanding an increase in the deposit cover. Total bank deposits by senior citizens have increased 150% to ₹34.2 lakh crore in 2023 from ₹13.7 lakh crore in 2018.
The government is "actively considering" raising the insurance cover for bank deposits, department of financial services secretary M Nagaraju had said on Monday. Currently, the deposit insurance cover of ₹5 lakh applies uniformly to all insured banks, including cooperative banks and their depositors, and is payable to any depositor in case of liquidation or failure of a bank.
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