1. Due date to make premium payment by banks
Insured banks are given two month time period to make premium payment to DICGC
on its total deposits. 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.Hence, it is in bank’s own interest to pay premium
within due date so that payment should reach to DICGC for half year ending March
on or before November 30 and for half year ending September on or before May 31.
2. Penal interest charged on bank for delay
Bank is liable to pay penal interest of two months for even one day delay i.e. for half
year ending March 2016, due date is Nov 30.However,if payment is made to DICGC
on Dec 01, interest charged from bank would be from Oct 01 till Dec 01.Penal
interest charged is (Bank Rate + 8 %).
3. Banks making NEFT/RTGS Payment through other banks
It has been observed that many a times remittance made by a co-operative bank
through other banks gets returned resulting in imposition of interest.Therefore, banks
are advised to enquire from remitting bank whether the payment has been actually
credited to DICGC.
4. Basis of premium payment to be taken by bank
Premium payable by bank needs to be determined on the basis of its total deposits
as on last day of the preceding half year (for half year ending march 2016, deposit
base is September 30, 2015 and last date for payment is Nov 30).{DICGC General
Regulations 19(2)}.Banks wilfully making statement which is false in any material or
omittingany 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)}.
5. Due date for submission of deposit Insurance Returns
DI Returns should reach DICGC as soon as possible after the commencement of
each calendar half-year but in any event not later than the last day of the second
month of that half-year duly certified by two officials authorised by bank.{DICGC
General Regulations 19(3)}.
Further, if a bank fails to submit deposit Insurance returns within due date, it shall be
punishable with a fine of two thousand rupees in respect of each offence and in the
case of a continuing failure, with an additional fine which may extend to one hundred
rupees for every day during which the failure continues after conviction for the first
such failure.{DICGC Act Section 47(2)}.
6. Account details of DICGC for Premium Payment by banks
Mode of Payment |
Current Account No.
|
IFSC Code
|
Beneficiary Name
|
|
RTGS/NEFT |
8705688 |
DICG0000002 |
DICGC |
LEI Number of DICGC: 3358009Y3QIG75JPJ806