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You can get insurance up to 65 lakhs on fixed deposits deposited in the bank, know how

Multiple Insurance Coverage (Insurance Cover) can be obtained at the same bank branch. For this, some rules have to be followed. Earlier the coverage limit was 1 lakh rupees, later it was increased to 5 lakh rupees.

Fixed Deposit

People consider their money in the bank safe. But many times, after the bank defaults, only a few percent of your deposits get insurance coverage. There is no guarantee on the remaining money. Till now the insurance cover limit in bank fixed deposits is up to 5 lakh rupees. But this is not enough for depositors. In such a situation, you can increase the limit by trying some methods.

Insurance limit on bank FDs can be increased to 65 lakh rupees or even more. For this, there is no need to get FDs in different banks. You can get this facility in the branch of the same bank. For this, you have to follow some rules. It may be known that earlier the limit of insurance cover was just one lakh rupees. But later, in view of the demand of depositors, it was increased to 5 lakh rupees in February 2020.

Ways to increase the amount of insurance

If the deposit holder in the same bank uses different rights, then he can get a cover of up to Rs 5 lakh on each deposit. According to experts, if you make a fixed deposit with a spouse, brother or children in the same bank or FD as a fixed deposit or partner of the firm, guardian of a minor, then it will be treated differently. In this way, a cover of up to 5 lakh rupees will be available for each account separately.

Coverage will be available on these accounts

Insurance coverage of DICGC includes savings account, fixed deposit, current account, recurring deposit etc. However, in some special deposits like foreign governments, central / state governments, state land development banks, co-operative bank deposits, inter bank deposits, etc., it is not available.

How to get insurance

Deposits up to Rs 5 lakh deposited in the bank are insured, that is, insurance money is available on it. This cover is available on both principal and interest. If you have a savings, current, FD or RD account in any one bank, then you will get an insurance of only 5 lakh rupees by adding all their amounts. In this way, if the principal’s amount is 5 lakh rupees, then the same amount will be given even if the bank sinks. However, there will be no interest on it.

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Bhagyashree Soni
Bhagyashree Soni is a software engineer with soft writing skills. She is a degree holder from the International School of Entrepreneurial Leadership. She has been a state-level badminton champion and chess player. A woman with a forthright attitude enjoys her writing passion as her chosen career. Writing in the context of feminism, social-cause and entreprenurship is her forte.


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