• Rohit Nandgaonkar

    As Per My Knowledge Shriram City Union Finance Are Giving Better Returns On Fixed Deposit. Shriram City Is Giving 8.40% Returns On Fixed Deposit.

  • Vasavan


    I understand that all commercial banks are required to be insured with Deposit Insurance and Credit Guarantee Corporation But on seeing their website, I do not find REPCO Bank (A Govt. of India Enterprise – Ministry of Home Affairs, Govt. of India) to have insured. Kindly throw some light on the same. In view of the same is it safe to deposit money in REPCO Bank? Please advice.

    • Hello Vasan, Even I am clueless as to why this is not listed in DICGC where public sector banks are also listed. While we know it is part of Govt of India, but a mention should have been there in DICGC website.

      • Hello Vasan, Based on your query, I have written to DICGC yesterday and below is the response from them today. In net summary, REPCO bank is registered as multi state co-op society and not as a bank, RBI has not issued license, hence not covered under DICGC for deposit insurance.

        From “Byculla, Dicgc”
        To suresh
        Date 25/11/2020 23:50
        Subject RE: REPCO Bank not listed in DICGC Lis


        REPCO Bank is a Multistate Co-operative Society registered under Madras Cooperative Societies Act, 1961 and is not a Bank.

        As per Section 11 of DICGC Act, 1961, the Corporation (DICGC) shall register every new banking company as an insured bank as soon as it is granted a licence under section 22 of the Banking Regulation Act, 1949. Since REPCO Bank has not been issued a banking licence by the Reserve Bank of India U/s 22 of the B.R Act 1949, the deposit insurance scheme is not applicable to REPCO Bank.

        For a list of insured banks, kindly visit the Corporation’s Website at the following link:

        सादर/Best Regards


  • Akash

    Suresh Sir, I want to share my experience with RBL BANK. I had opened 50 lakh of Fds last year. In February they blocked my FD. I was unable to close it online. I had to go to bank and threaten to complain to RBI to unfreeze my FD. They then unblocked my FD. Even then, they requested me not to transfer funds before April. But I immediately transferred my funds to another bank.

    • Hello Akash, I may suspect the reason could be year end closure. Otherwise, no bank can hold closure of FDs unless the FDs cannot be prematurely closed as per T&C of the bank. Pls check this aspect from bank which might be useful for other readers too. If this not just for year end process closure, then it could be serious issue which is worth investigating

  • Raman Chandrasekaran

    Can you please share, those banks list WHICH GIVES AROUND 7℅ either for savings account or for FD or both, so that we can invest upto rs 5 lakhs safely, as uncertainty increasing day by day

  • Raman Chandrasekaran

    Indus bank offers 7 ℅ for every one, and for Sr citizens, 7.5℅ , NO PENALTY FOR PRE CLOSURE

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