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EXPLANATORY NOTES ON DI - RETURN
1. General Explanations
Deposit Insurance Return (DI-Return), framed under Regulation 19(3) of DICGC General Regulations,1961 and Sub-section (1) of Section 34 of DICGC Act, 1961, is the specified form for reporting the deposit base on which premium payable by an insured bank for a particular half year is calculated and the distribution of deposit accounts according to the size of deposits for the purpose of estimation of insured deposits.
(a) Periodicity and timing of submission
The DI-Return form, in DUPLICATE, must reach the DICGC, Mumbai as per the following schedule:
For the Half- Year
Last Date for submission of DI-Return and premium
Last Working Day of May
Last Working Day of November
If the last working day of May/November is declared a public holiday under the Negotiable Instruments Act 1881, the preceding working day is treated as last working day.
(b) Penalty for willful falsification / omission of material statements in DI- Return
Under Section 47(2) of the DICGC Act, 1961, if the insured bank fails to furnish DI-Returns within the above prescribed time limit, it shall be punishable with fine up to 2000 for each such offence and additional fine up to 100/- per day during which the failure continues after conviction for the first such failure.
(c) Penalty for failure in timely submission of DI- Return
Under Section 47(2) of the DICGC Act, 1961, if the insured bank fails to furnish DI-Returnswithin the above prescribed time limit, it shall be punishable with fine up to 2000 for each such offence and additional fine up to 100/- per day during which the failure continues after conviction for the first such failure.
(d) Penal Interest for delay in paying half-yearly premium
Under Section 15 of the DICGC Act, 1961 read with Regulation 20 of the DICGC General Regulation,1961, failure to pay full or part of the premium in above prescribed time limit will attract penal interest at the rate of Bank Rate + 8% per annum on the default amount from the beginning of the half-year till the date of receipt of payment at DICGC, Mumbai.
2. DI- Return : Filling up the Printed Form
(a) Header Information
Item No. 1(a)
Item No. 1(b)
Item No. 1(c)
Note on item No. 1(b) and 1(c) :
The following items, if included in item No. 1 should not be included in item No.1(b) or 1(c) and if not included in item No. 1, should be included in item No. 2:
Item No. 1(d)
Item No. 1(e)
(i) The insured bank has to state the sum of all types of deposits specifically exempted by DICGC with prior approval of RBI.
Examples of such items:
(i) The insured bank has to state the balances appearing in its accounts (but) which are not clubbed under total deposit figure at item No. 1.
Examples of such items :
The assessable deposit, is derived from the preceding items by adding the gross value of deposits as per DICGC Act,1961 i.e. using the formula Items [1-(a+b+c+d+e)+2].
Item No. 4
Item No. 5
Item No. 6
Item No. 7
The net amount of premium / penal interest payable by the insured bank under the current HY has to be calculated and reported here. While the web calculator automatically computes the same, those manually filling it up may compute the net amount payable by the following formula:
Net Payment Dues = Items [4+5(d)+6-7+8(a)+8(c)
Tthe information under item No.10 is in terms of provisions of Section 34(1) of DICGC Act, 1961. The following important points are required to be carefully noted while compiling this item.
3. Payment Details
The insured banks needs to indicate on the DI return form, the mode of payment and enter the payment date / reference particulars in the Remarks Field before printing OR fill up by hand after printing against the fields Remittance Date and Remittance Reference.
In case of direct credit through current account transfer to the current account No 8705688 of DICGC Mumbai maintained with RBI DAD Mumbai please indicate the Transaction Date, Transaction Reference No. (if any) and Amount.
In case of direct credit through electronic fund transfer (viz. NEFT, RTGS, etc.) to our Fund Settlement A/c No 8705688 maintained with DAD RBI Fort Mumbai having IFSC code DICG0000002, please indicate Unique Transaction (UTR) Number, Date and Amount.
For submission of Return, all Returns printed / prepared have to be duly signed by two authorized officials of the insured bank along with name, place and date of signature.
The user banks are advised to cross-check the calculations independently before submitting it to DICGC.
The signed DI- Returns need to be sent to DICGC in Duplicate.