The Hindu Business Line : DICGC to hike deposit cover premium

THE Deposit Insurance and Credit Guarantee Corporation (DICGC) has decided to raise the deposit insurance premium to 10 paise per Rs 100 from 5 paise per Rs 100 of assessable deposit per annum.

The premium will be raised in a phased manner over a period of two years. In the first phase, the premium rate would be increased to 8 paise from 5 paise per annum per Rs 100 of assessable deposits for the financial year 2004-05, said a press release.

In the second phase the deposit insurance premium would be increased to 10 paise per annum per Rs 100 of assessable deposits from 8 paise.

The second phase of increase in premium would be effective from the financial year 2005-06.

The insured banks would, thus, have to pay the premium at the rate of 10 paise per annum per Rs 100 of assessable deposits from the first half year April-September 2005 onwards.

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