Banking Awareness - Banking Acts, Reforms & Risk Management
If a depositor has ₹3 lakh in savings account and ₹4 lakh in fixed deposit in the same bank, how much amount is insured by DICGC?
If a depositor has ₹3 lakh in savings account and ₹4 lakh in fixed deposit in the same bank, how much amount is insured by DICGC?
medium Q4 of 15
Step-by-Step Solution
Step 1: Add total deposits
Total deposits = ₹3 lakh + ₹4 lakh = ₹7 lakh.Step 2: Apply insurance limit
Maximum cover under DICGC is ₹5 lakh.Final Answer:
₹5 lakh → Option CQuick Check:
Total deposit > ₹5 lakh, cover capped at ₹5 lakh ✅
Quick Trick: Insurance = minimum of total deposit or ₹5 lakh.
Common Mistakes:
MISTAKES- Assuming full deposit amount is insured.
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