FAQs
View the frequently asked questions for Banks
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Premium payable by a bank is determined on the basis of its total deposits as on the last day of the preceding half year.
(For e.g., for half year ending September 30, 2024, the deposit base is March 31, 2024 and last date for payment is May 31, 2024).
Banks willfully making statement which is false in any material or omitting any substantial information shall be punishable with imprisonment for a term which may extend to three years and shall also be liable to fine as per Act. {DICGC Act Section 47(1)}.
(For e.g., for half year ending September 30, 2024, the deposit base is March 31, 2024 and last date for payment is May 31, 2024).
Banks willfully making statement which is false in any material or omitting any substantial information shall be punishable with imprisonment for a term which may extend to three years and shall also be liable to fine as per Act. {DICGC Act Section 47(1)}.
Insured banks are given a two-month time period to make premium payment to DICGC on its total deposits.
(For e.g., for half year ending September 30, 2024, deposit base is March 31, 2024 and payment can be made between April 01 to May 31, 2024).
(For e.g., for half year ending September 30, 2024, deposit base is March 31, 2024 and payment can be made between April 01 to May 31, 2024).
In case of delay in premium payment, banks are liable to pay penal interest at 8 per cent above the Bank rate from the beginning of the financial half year till the date of payment.
For e.g., for half year ending September 30, 2024, Penal Interest will be charged at Bank rate+ 8% from April 01, 2024 till the date of payment).
Hence, it is in bank’s own interest to pay premium within the due date.
For e.g., for half year ending September 30, 2024, Penal Interest will be charged at Bank rate+ 8% from April 01, 2024 till the date of payment).
Hence, it is in bank’s own interest to pay premium within the due date.
It has been observed that premium payment made by a bank through remitting banks sometimes gets returned to the remitting bank, resulting in imposition of penal interest due to delayed payment to DICGC.
Therefore, banks are advised to confirm from remitting bank that the payment has been credited to DICGC.
Therefore, banks are advised to confirm from remitting bank that the payment has been credited to DICGC.
DI Returns should be submitted on the DICGC portal along with the payment.
Under Section 47(2) if any person fails to produce any book, account or other document or to furnish any statement or information which, under the provisions of this Act, it is his duty to produce or furnish, he shall be liable to penalty which may extend to one lakh fifty thousand rupees in respect of each failure, and in the case of a continuing failure, with an additional penalty which may extend to seven thousand five hundred rupees for every day during which the failure continues after the first such failure.
Under Section 47(2) if any person fails to produce any book, account or other document or to furnish any statement or information which, under the provisions of this Act, it is his duty to produce or furnish, he shall be liable to penalty which may extend to one lakh fifty thousand rupees in respect of each failure, and in the case of a continuing failure, with an additional penalty which may extend to seven thousand five hundred rupees for every day during which the failure continues after the first such failure.
Mode of Payment - RTGS/NEFT
Current Account No. - 8705688
IFSC Code - DICG0000002
Beneficiary Name - DICGC
LEI Number of DICGC: 3358009Y3QIG75JPJ806
Current Account No. - 8705688
IFSC Code - DICG0000002
Beneficiary Name - DICGC
LEI Number of DICGC: 3358009Y3QIG75JPJ806
ioddicgc@rbi.org.in
DICGC Website> For banks
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