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A foreign-currency balance is not automatically covered—or automatically excluded—by DICGC insurance just because of its currency. DICGC excludes deposits received outside India and specifically lists FCNR account balances among exempted deposits. Check the bank’s insured status, then ask it to confirm the specific account type, where the deposit was received or booked, and how it is classified for DICGC purposes.
Is my foreign-currency deposit covered by DICGC?
The currency denomination alone does not answer the question. DICGC’s FAQ excludes “any amount due on account of any deposit received outside India.” Its explanatory notes also name balances held in FCNR accounts as specifically exempted deposits. The official guidance does not say that every foreign-currency deposit is excluded or that every such account is covered.
That distinction matters for accounts whose currency, account type, or booking arrangements may differ. Ask your bank how it classifies your particular deposit rather than relying on the currency shown on a statement.
How to check your account
- Check that the bank is insured. Search the current DICGC insured-bank list. If you cannot determine the bank’s status, contact a branch; DICGC’s FAQ advises depositors to make a specific enquiry with the branch when in doubt.
- Identify the account type. Ask whether the balance is held in an FCNR account or another type of foreign-currency account.
- Ask where the deposit was received or booked. Ask the bank whether it treats the deposit as received outside India for DICGC purposes.
- Request the DICGC classification in writing. Ask whether the balance is treated as an eligible deposit or falls within an excluded or specifically exempted category. Keep the response with your account records.
- Check the applicable limit if the bank says it is eligible. Add eligible deposits and interest held at the same bank in the same right and capacity, including balances at different branches, and compare the total with the ₹5 lakh limit.
Are FCNR deposits insured in India?
DICGC’s explanatory notes specifically list balances held in FCNR accounts among exempted deposits. That is a distinct point from the broader exclusion for deposits received outside India. If your account is described as FCNR, ask the bank to confirm how DICGC’s stated exemption applies to your balance; do not assume that changing the currency or the branch handling the account changes its classification.
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Does DICGC insurance cover deposits received outside India?
No: DICGC’s FAQ lists amounts due on deposits received outside India as excluded. Its 2024–25 information leaflet likewise says DICGC insurance does not include “any deposit received outside India” or amounts specifically exempted by DICGC with prior Reserve Bank of India approval. The cited materials do not provide a detailed classification test for every cross-border booking arrangement, so the bank’s account-specific explanation is important.
How the ₹5 lakh DICGC limit works
For deposits that are eligible, DICGC’s maximum cover is ₹5 lakh per depositor per bank, including principal and interest. Deposits across branches of the same bank are aggregated when held in the same right and capacity. The limit does not make an excluded deposit eligible; first confirm the account’s classification, then calculate the covered amount.
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What to do if the bank’s answer is unclear
- Ask the branch to identify the account category and whether it considers the deposit received outside India.
- Request the bank’s DICGC eligibility conclusion in writing, including the basis for its classification.
- Compare the response with DICGC’s current FAQ and public-awareness materials. If the response remains unclear, consult current DICGC rules or regulator guidance before relying on assumed coverage.
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