Question: If my Indian bank fails, how much of my deposits are insured by DICGC per depositor per bank?
Answer: No, you should not rely on an old remembered figure. Deposit insurance cover in India, provided by the Deposit Insurance and Credit Guarantee Corporation (DICGC), has been revised over time and currently insures deposits up to ₹5 lakh per depositor per bank (covering principal and interest combined), a substantial increase from the much lower limit that existed for many years before being revised. You should check the current DICGC-notified limit rather than relying on a figure from decades ago.

Supporting evidence:
title: dicgc.org.in/CircularToCEOsOfAllInsuredBanks_IncreaseInDepositInsuranceCover_0.pdf
quote: enhancement of the limit of insurance cover in respect of amounts due to a depositor of an insured bank from ₹1 lakh to ₹5 lakh with effect from February 4,2020 the limit of the total amount payable by the Corporation to any one depositor in respect of his/her deposits with an insured bank in the same right and capacity shall be ₹5 lakh from the said date
context: Deposit Insurance and Credit Guarantee Corporation Act 1961- Increase in the limit of Deposit Insurance Cover and rate of premium
Dear Sir,
We reproduce on the reverse, for your information, a copy of the press communique issued by the Deposit Insurance and Credit Guarantee Corporation regarding enhancement of the limit of insurance cover in respect of amounts due to a depositor of an insured bank from ₹1 lakh to ₹5 lakh with effect from February 4,2020. Thus in terms of Section 16 (1) of Deposit insurance and Credit Guarantee Corporation Act 1961,the limit of the total amount payable by the Corporation to any one depositor in respect of his/her deposits with an insured bank in the same right and capacity shall be ₹5 lakh from the said date.
1. It may be noted that where the Corporation has already incurred liability before February 4, 2020 the limit of insurance cover of ₹1 lakh as in force up to that date continues to be applicable.
2. The rate of premium payable by the insured banks will be raised from 10 paise per ₹100 of assessable deposits to 12 paise per ₹100 of assessable deposits per annum. A circular in this regard is being issued separately.
Yours sincerely,
1. In case your bank has in stock any publicity leaflets obtained from us, you may take necessary alteration before displaying the same to the public.
प्रथान कायलव्य : भारतीय रिजर्व बेक बिल्डिंग, तुसरी माझिल, मुंबई सेंटल सेले सेठान के सामने, मुंबई सेंटल सेले सेठान के सामने, भायशला,
muubi- 400 008, tuerhapath : 022-23026400 केणस : 022-,23021131, इ-मेल : dicgc@rbi.org.in

HEAD OFFICE: Reserve Bank of India Building, Second Floor, Opp. Mumbai Central Railway Station, Byculla, Mumbai-4
V G V Chalapathy Chief General Manager
1. Please acknowledge receipt.
PRESS RELEASE
Deposit Insurance and Credit Guarantee Corporation (DICGC) increases the insurance coverage for depositors in all insured banks to 5 lakh
With a view to providing a greater measure of protection to depositors in banks the Deposit Insurance and Credit Guarantee Corporation, a wholly owned subsidiary of the Reserve Bank of India, has raised the limit of insurance cover for depositors in insured banks from the present level of ₹1 lakh to ₹5 lakh per depositor with effect from February 4,2020 with the approval of Government of India.