Protection for depositors
The 1MONEY™ intends to Deposit up to Rs.1,00,000/- (Rupees one lakh only), both principal and interest put together, in respect of each depositor which are fully insured with the Deposit Insurance & Credit Guarantee Corporation a wholly owned subsidiary of the Reserve Bank of India or any other similar agency. It is intended to engage in providing deposit insurance for depositors against loss of part or all of their deposits arising from various other failure scenarios.
The Corporation’s or similar agency liability in respect of insured deposits will arise in the following circumstances:
The funds held in the same type of ownership at the same bank are added together before deposit insurance is determined and the coverage cannot be increased by depositing funds into several different deposits all at the same bank. However, deposits held in more than one bank, the deposit insurance coverage limit is applied separately to the deposits of each bank.
The Deposit insurance premium is borne entirely by the Bank and the customers are not burdened with the cost.
If there are any dues owed by the customer to the Bank, the latter has the right to set off their dues from the amounts of deposits. The deposit insurance is available after netting of such dues.