Latest DICGC Insured Banks List in India (Updated 2023)

As of 2023, which banks in India are insured or covered under the Rs 5 lakh insurance of DICGC? As of 2023, all commercial banks including branches of foreign banks functioning in India, local area banks and regional rural banks are insured by the DICGC. Also, at present all co-operative banks are also covered by the DICGC in India.

So here is the latest DICGC Bank List that are covered under the DICGC insurance of Rs 5 lakh per depositor.

DICGC Insured Banks List in India (2023)

• BANK OF BARODA is a DICGC Insured Bank in 2023
• BANK OF INDIA is a DICGC Insured Bank in 2023
• BANK OF MAHARASHTRA is a DICGC Insured Bank in 2023
• CANARA BANK is a DICGC Insured Bank in 2023
• CENTRAL BANK OF INDIA is a DICGC Insured Bank in 2023
• INDIAN BANK is a DICGC Insured Bank in 2023
• INDIAN OVERSEAS BANK is a DICGC Insured Bank in 2023
• PUNJAB AND SIND BANK is a DICGC Insured Bank in 2023
• PUNJAB NATIONAL BANK is a DICGC Insured Bank in 2023
• STATE BANK OF INDIA is a DICGC Insured Bank in 2023
• UCO BANK is a DICGC Insured Bank in 2023
• UNION BANK OF INDIA is a DICGC Insured Bank in 2023
• AXIS BANK LTD is a DICGC Insured Bank in 2023
• BANDHAN BANK LIMITED is a DICGC Insured Bank in 2023
• CITY UNION BANK LTD is a DICGC Insured Bank in 2023
• CSB Bank Limited is a DICGC Insured Bank in 2023
• DCB BANK LTD is a DICGC Insured Bank in 2023
• DHANALAKSHMI BANK LTD. is a DICGC Insured Bank in 2023
• FEDERAL BANK LTD is a DICGC Insured Bank in 2023
• HDFC BANK LTD is a DICGC Insured Bank in 2023
• ICICI BANK LIMITED is a DICGC Insured Bank in 2023
• IDBI BANK LTD is a DICGC Insured Bank in 2023
• IDFC FIRST BANK LIMITED is a DICGC Insured Bank in 2023
• INDUSIND BANK LTD is a DICGC Insured Bank in 2023
• JAMMU AND KASHMIR BANK LTD. is a DICGC Insured Bank in 2023
• KARNATAKA BANK LTD. is a DICGC Insured Bank in 2023
• KARUR VYSYA BANK LTD. is a DICGC Insured Bank in 2023
• KOTAK MAHINDRA BANK LTD. is a DICGC Insured Bank in 2023
• NAINITAL BANK LTD. is a DICGC Insured Bank in 2023
• RBL BANK LIMITED is a DICGC Insured Bank in 2023
• SOUTH INDIAN BANK LTD is a DICGC Insured Bank in 2023
• TAMILNAD MERCANTILE BANK LTD. is a DICGC Insured Bank in 2023
• YES BANK LTD. is a DICGC Insured Bank in 2023
• North East Small Finance bank Ltd is a DICGC Insured Bank in 2023
• Ujjivan Small Finance Bank Limited is a DICGC Insured Bank in 2023
• Fincare Small Finance Bank Ltd is a DICGC Insured Bank in 2023
• Jana Small Finance Bank Limited is a DICGC Insured Bank in 2023
• ESAF SMALL FINANCE BANK LTD. is a DICGC Insured Bank in 2023
• Suryoday Small Finance Bank Limited is a DICGC Insured Bank in 2023
• Capital Small Finance Bank Limited is a DICGC Insured Bank in 2023
• AU SMALL FINANCE BANK LTD. is a DICGC Insured Bank in 2023
• Equitas Small Finance Bank Limited is a DICGC Insured Bank in 2023
• Utkarsh Small Finance bank Limited is a DICGC Insured Bank in 2023
• Shivalik Small Finance Bank is a DICGC Insured Bank in 2023
• Unity Small Finance Bank is a DICGC Insured Bank in 2023
• Airtel Payments Bank Limited is a DICGC Insured Bank in 2023
• India Post Payments Bank Limited is a DICGC Insured Bank in 2023
• PayTm Payments Bank Limited is a DICGC Insured Bank in 2023
• FINO PAYMENT BANK LTD is a DICGC Insured Bank in 2023
• Jio Payments Bank Limited is a DICGC Insured Bank in 2023
• NSDL Payments Bank Limited is a DICGC Insured Bank in 2023

In addition to the above major banks (and small finance banks), there are hundreds of cooperative banks at various levels which are also covered by DICGC. You can check the full list of DICGC insured banks on their website.

And here are few important questions about DICGC’s insurance offered to depositors that you may have:

What does the DICGC insure? – The DICGC insures all deposits such as savings, fixed, current, recurring, etc. deposits.

What is the maximum deposit amount insured by the DICGC? – Each depositor in a bank is insured up to a maximum of Rs 5 lakh (or Rs 500000) for both principal and interest amount held by him in the same right and same capacity as on the date of liquidation/cancellation of bank’s licence or the date on which the scheme of amalgamation/merger/reconstruction comes into force.

What is the ceiling on amount of Insured deposits kept by one person in different branches of a bank? – The deposits kept in different branches of a bank are aggregated for the purpose of insurance cover and a maximum amount of upto Rupees five lakhs is paid.

Does the DICGC insure just the principal on an account or both principal and accrued interest? – The DICGC insures principal and interest upto a maximum amount of ₹ five lakhs. For example, if an individual had an account with a principal amount of 4,95,000 plus accrued interest of 4,000, the total amount insured by the DICGC would be 4,99,000. If, however, the principal amount in that account was five lakhs, the accrued interest would not be insured, not because it was interest but because that was the amount over the insurance limit.

Can deposit insurance be increased by depositing funds into several different accounts all at the same bank? – All funds held in the same type of ownership at the same bank are added together before deposit insurance is determined. If the funds are in different types of ownership or are deposited into separate banks they would then be separately insured.

Are deposits in different banks separately insured? – Yes. If you have deposits with more than one bank, deposit insurance coverage limit is applied separately to the deposits in each bank.

You can read more such questions here on RBI website.

So I hope now you know What is insured under deposit insurance if a bank fails and which are the banks under DICGC Insurance list (2023).