News > Bank deposit insurance cover rises to Rs 5 lakh; refund within 90 days: Piyush Goyal

Bank deposit insurance cover rises to Rs 5 lakh; refund within 90 days: Piyush Goyal

News Indian | 12/12/2021 03:47 PM | Click to read full article

Union Minister of Commerce and Industry Piyush Goyal on Sunday said that the Central government has increased the bank deposit insurance cover, in case of problems occurring such as closure, from Rs 1 lakh to Rs 5 lakh. The amount has to be refunded to the depositor within 90 days.

Goyal said, "Earlier there used to be a bank deposit insurance cover of Rs 1 lakh for the deposit of the same amount or more under the 'Deposit Insurance Credit Guarantee Scheme'.

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