Insurance Cover For Bank Depositors Raised To Rs 5 Lakh

Saturday,01 February 2020 08:14 AM IST

Budget 2020: Finance Minister Nirmala Sitharaman suggested that the current Rs 1 lakh would raise the insurance cover for bank depositors to Rs 5 lakh. The current Reserve Bank of India rules stipulate that each depositor is covered for both principal and interest sum up to a maximum of Rs 1 lakh in the event of a bank failure.