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Claims Settlement
1. What is claims settlement?

In terms of provisions of the DICGC Act, 1961, on cancellation of registration as an insured bank, the Corporation is liable to pay every depositor, the eligible amount subject to the limit of the insurance cover, based on his deposit/s and loans in the bank as on the cut-off date.

2. Who has to prepare Claim list ?

The claim list is required to be prepared by the Liquidator appointed by the respective RCS or CRCS to complete the liquidation process. The liquidator represents the interests of all creditors.

3. What is cut off date and what is its significance ?

The date of deregistration of a bank as an insured bank is the cut-off date. The claim amount (including interest) payable to each depositor, after set-off of loans and advances and clubbing of deposits, in the 'same capacity and same right' is to be prepared depositor-wise as on the cut-off date.

4. What are the requirements to prepare the list of claims ?

The claim list is prepared depositor-wise after exercising proper set-off of dues, if any, and clubbing of deposits in the same capacity and same right etc. Please refer to the link 'Guidelines to Liquidator'.

5. What is the timeframe permitted for preparing the list of claims by liquidator ?

The statutory requirement is that after the liquidator's appointment, he should submit the claim list in such form and manner stipulated by DICGC, with least possible delay and under any circumstances not later than 3 months from the date of his/her assuming charge as liquidator.

6. How are the claims settled by DICGC ?

If a bank goes into liquidation, the DICGC is liable to pay to each depositor through the liquidator, the admissible amount upto a maximum amount of Rupees five lakhs after exercising proper set-off of dues, if any, and clubbing of deposits in the same capacity and same right. On scrutiny of the main Claim list submitted by the Liquidator, admissible claim amount is arrived at by the Corporation. If the liquidated bank has liquid funds available with them, they are advised to pay to the eligible depositors as per DICGC Act, 1961 out of the liquid funds and no amount is released by DICGC. However, in case of partial or non-availability of liquid funds, part or full payment, as applicable, is released by DICGC. The amount paid from liquid funds by the liquidator is accounted as release of funds by DICGC and simultaneous repayment received from the bank by the Corporation.

7. Is the liquidator required to repay the amount to the Corporation?

Yes, the liquidator is bound by statute to repay the amount released by DICGC. However, if the claim is settled out of liquid funds available with the bank, the same amount is adjusted towards repayments received by the Corporation.

8. What is undisbursed amount?

The admissible claim amount which has been released by DICGC but lying with the liquidator for disbursement to the depositors who have not approached the liquidator for receipt of the amount is the undisbursed amount.

9. Should the undisbursed amount be refunded to DICGC ?

Yes. The undisbursed amount should necessarily be refunded to DICGC.

10. What is the time limit for refund of the undisbursed amount to DICGC?

The undisbursed amount is to be refunded to DICGC without fail within 15 days after four months from the date of release of the fund by DICGC.

11. How to refund the undisbursed amount to DICGC?

The amount should be refunded along with the list of the depositors and claim numbers against whom the amount pertains. The details of amount refunded and list of the depositors should also be sent by email to dicgc@rbi.org.in.

12. Are the liquidators required to submit any statement/s to DICGC ?

Yes. The data in the statement should be correct and there should not be any delay / default in submission of such statements. Please refer to the link 'Guidelines to the Liquidator'.

13. Is there any ceiling on amount of admissible Insured deposit amount to be paid to each depositor?

Yes. DICGC insures principal and interest of eligible depositors upto a maximum admissible amount of Rupees five lakhs. The deposits kept in different branches of a bank are aggregated for the purpose of insurance cover and a maximum admissible amount.

14. What are the account details of DICGC for transferring fund to DICGC?

Mode of Payment

Current Account No.


Beneficiary Name





15. What is the email id of DICGC ?


Note : Information given above is to convey the basic provisions of the deposit insurance scheme of the Corporation. The information is of a non-technical nature and is not intended to be a legal interpretation of the deposit insurance scheme.