DICGC has launched an online facility called ‘Claim Indicator’ through which bank depositors can track their insurance claim status. This facility is available for banks that come under the ‘All Inclusive Direction’ (AID) from April 1, 2024 onwards.
There is a relief news for small investors and senior citizens who deposit in banks. Deposit Insurance and Credit Guarantee Corporation (DICGC), a subsidiary of the Reserve Bank of India (RBI), has now launched an online facility, ‘Daava Soochak’, to track the information of deposit insurance claim in the bank.
After the incidents of collapse of many big and medium banks in the country, it has become important that depositors know the status of their insurance amount. At present, DICGC gives insurance protection of up to Rs 5 lakh to every bank account holder, which includes both principal and interest. Under this, all types of retail deposits, such as savings account, fixed deposit, current account and recurring deposit, are given insurance coverage.
How to use the claim indicator?
Depositors who want to know their insurance claim status can get this information by visiting the official website of DICGC (www.dicgc.org.in). The link to the claim indicator is available on the homepage (https://dicgc.org.in/claimstatus/Depositer/Checkclaimstatus). The depositor has to select his bank and enter the mobile number to get information about his status. At present, this facility is available to those banks which come under the ‘All Inclusive Direction’ (AID) after April 1, 2024. This means that some special restrictions have been imposed by the RBI on such banks.
Which accounts are covered by the insurance facility?
According to the DICGC Act, deposits of foreign governments, deposits of central or state governments, inter-bank deposits, deposits received outside India, etc. are not covered under this insurance scheme. This scheme applies to all commercial and cooperative banks, although primary cooperative societies are not included in this scheme.
How to increase insurance coverage?
If you have deposit accounts in more than one bank, then different insurance cover will be applicable on the deposits in each bank. Additionally, you can use joint accounts in which the names of the account holders are recorded in different order. Similarly, if you have opened an account as a guardian of a minor or hold an account as a partner in a firm, the insurance coverage will apply to each account separately.
