Deposit insurance cover up to Rs 5 lakh

In a major relief to the people, the Centre on Saturday announced to increase the insurance coverage of their bank deposits from Rs 1 lakh to Rs 5 lakh.

Presenting the Union Budget 2020-21 in the Lok Sabha on Saturday, Finance Minister Nirmala Sitharaman said that "Deposit Insurance and Credit Guarantee Corporation has been permitted to increase deposit insurance coverage to Rs 5 lakh per depositor from Rs 1 lakh.