Reportedly last week, an image of an HDFC passbook with the deposit insurance cover stamp began doing the rounds on social media, causing panic among customers. Meanwhile the stamp read that in case of liquidation of the bank, account holders will get a maximum amount of Rs 1 lakh. The stamp read "The deposits of the bank are insured with DICGC (Deposit Insurance and Credit Guarantee Corporation) and in case of liquidation of the bank, the DICGC is liable to pay each of the depositors through the liquidator”.
Furthermore many took to social media to say that nobody money is safe in banks. HDFC Bank has clarified that the information has been inserted as per RBI circular dated June 22, 2017, which requires all banks including Small Finance Banks and Payments Banks to incorporate information about 'deposit insurance cover'. HDFC Bank said in a statement “The passbooks without printed information have been stamped with the requisite information so as to be fully compliant with extant RBI guidelines. None of us should have cause for concern whatsoever”.
Moreover if a bank goes bust or if RBI cancels its license, every depositor of that bank is insured for a maximum amount of Rs 1 lakh. Perhaps if you have deposits in different branches of the bank, all the deposits are aggregated and a maximum amount up to rupees one lakh is paid.
