Is our money Safe in Banks In India?

Please read your banks DICGC(Deposit Insurance and Credit guarantee)

Every body has saved  his money in banking system and some of us worried about the safety of our money in bank in India and some of conservative mind has withdrawn it from the Bank in last month or so .....So question in our mind is "Is our Banks safe ?  

As our Finance Minister and Prime Minister has assures us that our banks are safe its includes ICICI bank and all private banks.Indian private banks have to follow strict guidelines/ Regulationin India Like all other Public sector banks .

Even the one of the Bank Goes bankrupt in that case also your deposit upto 100000 is insured through DICGC(Deposit Insurance and Credit guarantee Corporation).Means  you will get atleast one lakh from your bank in case of Bank failed.

 The Main feature of insurance  Scheme are

1. Insurance of one lakh Rs deposit in all bank branches in India.
2. Current account,FD,Saving accounts are covered
3. The limit is applicable on person and not on account.Suppose you have money in saving account 50000 and current account 50000 and FD 50000 ,Then the Insurance amount restricted to 100000 only
   
4. The Limit is applicable for all branches of a single bank .Suppose In ABC bank you have accounts in different branches at different location or same location .In that case agregate of all branches will be treated as one in all accounts and insured upto one lakh only.
5. Each Bank will be treated as seprate cover unlike point 4 .If you have deposited 100000 in ABC bank and 100000 in XYZ bank then you will get 100000 as insurance amount for each bank total 200000
6. The Limit of one lakh is applicable for one capacity ,suppose you have one saving account as individual in ABC bank amount 100000 and other accout as karta of HUF and having 100000 in it and other account as partner of a firm and balance of 100000 init so you will get insurace amount of 100000 each of three account total 300000 .
7. All banks have to take this Insurance cover and there is no option for bank ,so its mandatory for banks to insure 100000 deposit of each person .

Example :

Account in single Bank in one branch or different baranchs of same Bank
Deposits held in different capacities	Savings A/c	Current A/c	FD A/c	Total Deposit	Deposits Insured
Shri S. K. Pandit (Individual)	17200	22000	80000	1,19,200	1,00,000
Shri S. K. Pandit (Partner of ABC & Co.)	75000	50000		1,25,000	1,00,000
Shri S. K. Pandit (Guardian for Master Ajit)	7800		80000	87800	87800
Shri S. K. Pandit (Director, J.K. Udyog Ltd.)	2,30,000	45000		2,75,000	1,00,000
Shri S. K. Pandit jointly with Smt. K. A. Pandit	7500	1,50,000	50000	2,07,500	1,00,000

Thanks to :
For further details refer to the following webs:
http://www.simpletaxindia.org/2008/10/financial-crisesare-your-money-save-in.html
http://www.dicgc.org.in/GuideToDepositInsuranceInIndia.htm
One Rupee  image from :
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