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DICGC’s general insurance limit is ₹5 lakh per depositor, including principal and interest, for eligible deposits at an insured bank. But official public guidance does not clearly confirm whether a particular FCNR(B) deposit qualifies for an individual insurance claim, or how a foreign-currency balance would be converted against that rupee limit. Do not assume the full FCNR(B) balance—or even the general ₹5 lakh limit—is guaranteed for your deposit without written clarification.
Does DICGC insure FCNR(B) deposits?
FCNR(B) is a fixed-term foreign-currency deposit for eligible non-residents under Reserve Bank of India rules. RBI describes the account and its regulatory basis in the Foreign Exchange Management (Deposit) Regulations, 2016 and the Foreign Currency (Non-Resident) Accounts (Banks) Scheme, 1993.
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DICGC’s general guide says deposits received outside India are excluded from deposit insurance. Its explanatory notes also list “Balances held in FCNR Accounts” in the deposit return used to calculate a bank’s assessable deposits for insurance-premium purposes. That reporting treatment does not, by itself, establish that a particular FCNR(B) customer is entitled to a claim. The public material does not expressly resolve how the outside-India exclusion applies to an individual FCNR(B) deposit or how a foreign-currency balance is converted to rupees for the ₹5 lakh ceiling. See DICGC’s guide and explanatory notes.
Before relying on insurance, ask the bank or DICGC for written, account-specific confirmation. Include how the deposit was funded, its currency, the account holder and capacity, and any other deposits or loans at the same bank.
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How the general ₹5 lakh limit works
For eligible deposits in an insured bank, DICGC’s stated limit is ₹5 lakh per depositor, including principal and interest. The calculation generally combines that depositor’s accounts at the same bank when held in the same right and capacity, across branches. Deposits at separate insured banks have separate limits. Opening accounts at multiple branches of one bank does not create a new limit for each branch.
DICGC calculates a claim using the relevant cut-off and may set off the depositor’s dues to the bank before payment. The general rules do not answer whether a specific FCNR(B) balance is eligible or which exchange rate would apply to it. The DICGC FAQ describes claim calculations and set-off.
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For a coverage calculation, the questions to check are:
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- Is the bank insured by DICGC, and is this FCNR(B) deposit eligible?
- Which of your accounts at that bank are held in the same right and capacity?
- What principal and interest fall within the relevant cut-off?
- What loans or other dues could be set off?
- If the deposit is eligible, what currency-conversion date and method would apply?
What happens after a bank fails?
The process depends on what happens to the bank. Liquidation and RBI-imposed All-Inclusive Directions (AID), which restrict withdrawals, have different claim routes and timelines.
| Situation | What DICGC says | What the depositor should do |
|---|---|---|
| Liquidation | The liquidator prepares a depositor-wise claim list and submits it to DICGC. DICGC says payment to the liquidator is due within two months after it receives the claim list. | Keep account and identity records. The liquidator makes the insurance claim on depositors’ behalf. |
| Insured bank under AID with withdrawal restrictions | DICGC describes a 90-day settlement framework, subject to the bank submitting depositor data within 45 days. | Approach the bank’s CEO or administrator, submit the willingness form and provide identity documents as instructed. |
These are process timelines, not a guarantee that an individual FCNR(B) depositor will receive money on a particular date. The AID timeline depends on the bank’s required data submission, and a claim remains subject to eligibility and the applicable calculation.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What to confirm with the bank or DICGC
Request written answers to these account-specific questions:
- Is this FCNR(B) deposit eligible for a DICGC claim if the bank is liquidated or placed under withdrawal restrictions?
- Does DICGC treat the deposit’s original remittance route as a “deposit received outside India” for the exclusion?
- If the deposit is eligible, what exchange-rate date and method apply when calculating the ₹5 lakh ceiling?
- Which same-capacity accounts and loans at this bank would be aggregated or set off?
Also check DICGC’s current list of insured banks; the list page was marked updated September 22, 2026 when accessed. If the bank’s status is unclear, confirm it with the branch or DICGC rather than relying on an old list or a product description.
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