Deposit guarantees:
The most popular way of securing FD is deposit guarantee, this guarantee is applicable only on deposits up to Rs. 1,00,000. This plan is subject to Deposit Insurance and Credit Guarantee Corporation (DICGC) scheme. DICGC is an insurance plan that will protect deposits of the customers in the respective bank, which has been paying the insurance amount.
Joint account:
Joint accounts are more beneficiary compared with deposit guarantee. Under this scheme a joint FD account is insured up to Rs.1,00, 000 for both the account holders. The same goes with multiple account holders with some conditions; insurance is applicable to a joint account held by the customer who holds the multiple accounts and the other customer who holds the first account in the respective bank.
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