Key Points
Let us understand the available safety cover on bank fixed deposits in India and ways you can enhance it...
In simple words, if you open a fixed deposit in same bank as a joint holder with your spouse, brother or children, or you open a FD as a partner of a firm, guardian of a minor and so on, then all these FD will be considered as held in different capacity and different right, and each account will have the insurance cover up to Rs 5 lakh separately..
How to get DICGC insurance cover on multiple depositsNumberAccount holder/sRight and capacity of the account held in Separate insurance 1 Mr. A Individual Account Yes, up to Rs 5 lakh 2 Mr. A Account as a Partner of ABC & Co..
D Joint Account with spouse B and father C in different order: First a/c holder - "D", Second a/c holder - "A", Third a/c holder - "B" Yes, up to Rs 5 lakh More accounts with different combinations and orders are possible for separate Rs 5 lakh insurance..
The best way to ensure the safety of your bank deposits is to make sure that you make deposits in different rights and capacities while keeping the maturity amount up to Rs 5 lakh in accounts held in the same right and capacity..
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