1. What is the maximum deposit amount insured by the
DICGC?
Each depositor in a bank is insured upto a maximum of Rs.1,00,000 (Rupees One Lakh) for both principal and interest amount held by him in the same capacity.
2. Does the DICGC insure just the principal on an account or both principal and accrued interest?
The DICGC insures principal and interest upto a maximum amount of Rs. One lakh.
NEFT AND RTGS
NEFT: National Electronic Funds Transfer (NEFT)
Under this Scheme, individuals, firms and corporates can electronically transfer funds from any bank branch to any individual, firm or corporate having an account with any other
bank branch in the country participating in the Scheme.
Limit using NEFT:
There is no limit – either minimum or maximum – on the amount of funds that could be transferred using NEFT.
However, maximum amount per transaction is limited to Rs.50,000/- for cash-based remittances and remittances to Nepal.
RTGS:
Real Time Gross Settlement, which can be defined as the continuous (real-time) settlement of funds transfers individually
on an order by order basis (without netting). 'Real Time' means the processing of instructions at the time they are received rather than at some later time; 'Gross Settlement' means the settlement of funds transfer instructions occurs individually (on an instruction by instruction basis).
Limit using RTGS:
The RTGS system is primarily meant for large value transactions.
The minimum amount to be remitted through RTGS is Rs. 2 lakhs. There is no upper ceiling for RTGS transactions.
RTGS vs NEFT
NEFT is an electronic fund transfer system that operates on a Deferred Net Settlement (DNS) basis which settles transactions in
batches. Contrary to this, in the RTGS transactions are processed
continuously throughout the RTGS business hours.
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