FAQs
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1. Due date to make premium payment by banks

Insured banks are given two month time period to make premium payment to DICGC on its total deposits. In case of delay in premium payment, banks are liable to pay penal interest at 8 per cent above the Bank rate from the beginning of the financial half year till the date of payment.Hence, it is in bank’s own interest to pay premium within due date so that payment should reach to DICGC for half year ending March on or before November 30 and for half year ending September on or before May 31.

2. Penal interest charged on bank for delay

Bank is liable to pay penal interest of two months for even one day delay i.e. for half year ending March 2016, due date is Nov 30.However,if payment is made to DICGC on Dec 01, interest charged from bank would be from Oct 01 till Dec 01.Penal interest charged is (Bank Rate + 8 %).

3. Banks making NEFT/RTGS Payment through other banks

It has been observed that many a times remittance made by a co-operative bank through other banks gets returned resulting in imposition of interest.Therefore, banks are advised to enquire from remitting bank whether the payment has been actually credited to DICGC.

4. Basis of premium payment to be taken by bank

Premium payable by bank needs to be determined on the basis of its total deposits as on last day of the preceding half year (for half year ending march 2016, deposit base is September 30, 2015 and last date for payment is Nov 30).{DICGC General Regulations 19(2)}.Banks wilfully making statement which is false in any material or omittingany substantial information shall be punishable with imprisonment for a term which may extend to three years and shall also be liable to fine as per act.{DICGC Act Section 47(1)}.

5. Due date for submission of deposit Insurance Returns

DI Returns should reach DICGC as soon as possible after the commencement of each calendar half-year but in any event not later than the last day of the second month of that half-year duly certified by two officials authorised by bank.{DICGC General Regulations 19(3)}.

Further, if a bank fails to submit deposit Insurance returns within due date, it shall be punishable with a fine of two thousand rupees in respect of each offence and in the case of a continuing failure, with an additional fine which may extend to one hundred rupees for every day during which the failure continues after conviction for the first such failure.{DICGC Act Section 47(2)}.

6. Banks making premium payment through Cheques / drafts

It is observed that banks are still remitting premium through cheques/ drafts. It may be noted that premium received in DICGC is taken as the date of receipt of instrument. In case of delayed receipt of instrument it is considered as delayed payment and penal interest is charged on bank.

Banks making premium payment less than 2 lakh should remit through NEFT and more than 2 lakh needs to remit through RTGS respectively. Particulars of payment details through NEFT/RTGS are given hereunder.

Mode of Payment

Current Account No.

IFSC Code

Name of beneficiary

RTGS

8710596

DICG 0000001

DICGC

NEFT

8705688

DICG 0000002

DICGC