What is ₹5 Lakhs RBI insurance for bank FD?
As per RBI, any deposits in a bank, including FDs, are insured up to ₹5 Lakhs per depositor per bank. The insurance amount includes your deposited amount and the interest earned on that deposit. This insurance is provided by DICGC which is an RBI subsidiary.
The ₹5L insurance is applicable for deposits such as savings, fixed, current, recurring, etc. It covers your deposits in each bank separately.