Section 15: Premium. - (1) Every insured bank shall, so long as it continues to be registered, be liable to pay a premium to the Corporation on its deposits at such rate or rates as may, [with the previous approval of the Reserve Bank, be notified by the Corporation, from time to time, to the insured banks and different rates may be notified for different categories of insured banks]:

Q: What does Section 15 of The Deposit Insurance and Credit Guarantee Corporation Act, 1961 (DICGC Act) deal with?

Section 15 DICGC Act pertains to "Premium. - (1) Every insured bank shall, so long as it continues to be registered, be liable to pay a premium to the Corporation on its deposits at such rate or rates as may, [with the previous approval of the Reserve Bank, be notified by the Corporation, from time to time, to the insured banks and different rates may be notified for different categories of insured banks]:". It is part of the The Deposit Insurance and Credit Guarantee Corporation Act, 1961, a legislation enacted by the Parliament of India. Section 15 of The Deposit Insurance and Credit Guarantee Corporation Act, 1961 (DICGC Act) governs premium. - (1) Every insured bank shall, so long as it continues to be registered, be liable to pay a premium to the Corporation on its deposits at such rate or rates as may, [with the previous approval of the Reserve Bank, be notified by the Corporation, from time to time, to the insured banks and different rates may be notified for different categories of insured banks]:. As verified on 19 May 2026.

Q: Is Section 15 DICGC Act still in force?

Yes, Section 15 of the The Deposit Insurance and Credit Guarantee Corporation Act, 1961 is currently in force across the Republic of India.

Q: What is धारा 15 DICGC Act?

धारा 15 DICGC Act is the Devanagari Hindi reference for Section 15 of the The Deposit Insurance and Credit Guarantee Corporation Act, 1961. Section 15 of The Deposit Insurance and Credit Guarantee Corporation Act, 1961 (DICGC Act) governs premium. - (1) Every insured bank shall, so long as it continues to be registered, be liable to pay a premium to the Corporation on its deposits at such rate or rates as may, [with the previous approval of the Reserve Bank, be notified by the Corporation, from time to time, to the insured banks and different rates may be notified for different categories of insured banks]:. As verified on 19 May 2026.

Q: What is Dhara 15 DICGC Act?

Dhara 15 DICGC Act is the Roman Hindi reference for Section 15 of the The Deposit Insurance and Credit Guarantee Corporation Act, 1961. "Dhara" means "Section" in Hindi. Section 15 of The Deposit Insurance and Credit Guarantee Corporation Act, 1961 (DICGC Act) governs premium. - (1) Every insured bank shall, so long as it continues to be registered, be liable to pay a premium to the Corporation on its deposits at such rate or rates as may, [with the previous approval of the Reserve Bank, be notified by the Corporation, from time to time, to the insured banks and different rates may be notified for different categories of insured banks]:. As verified on 19 May 2026.

Q: How to cite Section 15 of The Deposit Insurance and Credit Guarantee Corporation Act, 1961?

Cite as: "Section 15, The Deposit Insurance and Credit Guarantee Corporation Act, 1961 (DICGC Act)" in legal briefs. For academic writing, use the BlueBook format: The Deposit Insurance and Credit Guarantee Corporation Act, 1961, § 15 (India).

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Provided that the premium payable by any insured bank for any period shall not exceed fifteen naya paise per annum for every hundred rupees of the total amount of the deposits in that bank at the end of that period or, where its registration has been cancelled during that period, on the date of its cancellation:

Provided further that where the registration of any insured bank is cancelled under section 13 [or under section 13-C,] [ Inserted by Act 56 of 1968, Section 9.] such cancellation shall not affect the liability of that bank for payment of premium for the period before such cancellation and of any interest due under the provisions of this section.

Provided further that the Corporation may, having regard to its financial position and to the interests of the banking system of the country as a whole, and with previous approval of the Reserve Bank of India, from time to time, raise the aforesaid limit of fifteen paisa per annum for every hundred rupees of the total amount of the deposits in that bank:

Provided also that.

(2)

The premium shall be payable for such periods, at such times and in such manner as may be prescribed.

(3)

If an insured bank makes any default in payment of any amount of premium, it shall, for the period of such default, be liable to pay to the Corporation interest on such amount at such rate [not exceeding eight per cent. over and above the bank rate as may be prescribed.] [ Substituted by Act 21 of 1978, Section 8, for " not exceeding eight per cent annum as may be prescribed " (w.e.f. 15.7.1978).]