DICGC’s general deposit-insurance limit is ₹5 lakh per depositor, including principal and interest, at an insured bank. But the official material does not expressly settle whether an individual FCNR(B) deposit qualifies for a claim: DICGC excludes deposits received outside India from its general coverage, while separately counting FCNR balances in a bank-level calculation used for insurance-premium assessment. That accounting treatment is not confirmation of an individual depositor’s entitlement.
Does DICGC insurance cover an FCNR(B) deposit?
FCNR(B) means Foreign Currency Non-Resident (Bank). It is a fixed-term foreign-currency deposit under Reserve Bank of India rules for eligible non-residents; the scheme permits repatriation in foreign currency. See the RBI Foreign Exchange Management (Deposit) Regulations, 2016 and the RBI Foreign Currency (Non-Resident) Accounts (Banks) Scheme, 1993.
DICGC’s general guide says deposits received outside India are excluded. Its explanatory notes also list “Balances held in FCNR Accounts” in a bank-level deposit return used to calculate assessable deposits for premium purposes. That return is not a ruling on whether a particular depositor can claim insurance. The official material reviewed does not expressly resolve how DICGC would treat an individual FCNR(B) claim or how it would convert a foreign-currency balance when applying the rupee cap. See DICGC’s explanatory notes and its guide to deposit insurance.
So do not assume either that every FCNR(B) deposit is insured or that it is categorically excluded. Ask DICGC or your bank for written, account-specific guidance, especially about the original remittance route and currency conversion.
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How the ₹5 lakh limit works for eligible deposits
For deposits that qualify, DICGC’s general ceiling is ₹5 lakh per depositor at each insured bank, including principal and interest. Accounts held in the same right and capacity are added together across that bank’s branches. Opening accounts at different branches does not create separate limits; deposits at separate insured banks have separate limits. Confirm the current rule in the DICGC guide to deposit insurance.
DICGC calculates a claim using the deposit and loan position at the relevant cut-off. The depositor’s dues to the bank may be set off, and deposits held in the same right and capacity are clubbed. If you have an FCNR(B) deposit plus other accounts at the same bank, ask how the specific FCNR(B) balance is treated before estimating any potential payment; the general aggregation rule does not settle FCNR(B)-specific eligibility or conversion.
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What happens after a bank failure depends on the process
| Situation | What DICGC says | What you should do |
|---|---|---|
| Bank liquidation | The liquidator prepares a depositor-wise claim list and submits it to DICGC. DICGC says payment to the liquidator is due within two months after it receives the list. | Keep your account and identity records. The liquidator makes the insurance claim on depositors’ behalf. |
| All-Inclusive Directions (AID) with withdrawal restrictions | DICGC describes a 90-day settlement framework, subject to the bank submitting depositor data within 45 days. | Approach the bank’s CEO or administrator, submit the willingness form, and provide identity documents. |
These timelines describe particular steps and depend on required filings; they are not a guarantee that every depositor will receive money by a fixed date. DICGC’s guide and FAQ explain the procedures.
Quick Recap
What to verify before relying on coverage
- Check the bank’s status. Search the current DICGC list of insured banks. The list page was marked updated September 22, 2026 when accessed; check the live register rather than relying on an old copy.
- Ask about this specific FCNR(B) deposit in writing. Ask whether it would be eligible for a DICGC claim if the bank is liquidated or placed under withdrawal restrictions.
- Clarify the remittance-route issue. Ask whether DICGC treats the deposit’s original remittance route as a “deposit received outside India” for the exclusion.
- Ask how the cap would be applied. If the deposit is eligible, ask what exchange-rate date and method would be used to convert the foreign-currency balance for the ₹5 lakh limit.
- Review other accounts and liabilities. Ask which deposits in the same ownership capacity and any loans or dues at that bank would be aggregated or set off.
- Keep the records needed for the relevant procedure. Retain deposit and identity documents. If AID restrictions apply, contact the CEO or administrator and follow DICGC’s instructions for the willingness form and identity documents.
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