What happens if a bank goes bankrupt? how will I get my money back with DICGC insurance?

Fixed Deposits (FDs)
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What happens if a bank goes bankrupt? how will I get my money back with DICGC insurance?

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In the event of a bank going bankrupt, RBI and DICGC have prescribed a comprehensive process, outlined below:

  1. After a bank goes bankrupt, it will be announced in the press and media, and the information will be published on the DICGC website, informing depositors and the public at large.

  2. Depositors then fill out the DICGC claim form online and provide alternate bank account details where they want the amount to be credited. Depositors have 45 days to complete this form.

  3. DICGC reviews all claims and settles the amount as per the insurance limit for each depositor.

  4. The liquidated bank then credits the settled amount to the depositor’s bank account within 45 days.

The entire process may take up to 90 days. Stable Money will be with you every step of the way should such a situation arise.