DICGC Insurance on IDFC Savings A/c vs Niyo IDFC Savings A/c?

  1. Existing IDFC savings account holders open another savings account in IDFC when they go for Niyo IDFC account?
    the pre-existing IDFC savings account is mapped to Niyo?

  2. If pre-existing IDFC account is mapped to Niyo (instead of opening second account with IDFC that is mapped to Niyo), what are the changes in operating the existing IDFC savings account?

  3. In case, two separate accounts are opened, is DICGC. insurance up to 5 lakh is applicable to both.

Can someone throw some light on what is the real deal?

If multiple accounts by single person held with same bank , below rule applies. In Niyo case, Bank is IDFC Bank.

As per DICGC FAQs:

Can deposit insurance be increased by depositing funds into several different accounts all at the same bank?

All funds held in the same type of ownership at the same bank are added together before deposit insurance is determined. If the funds are in different types of ownership or are deposited into separate banks they would then be separately insured.

I donot think this option is possible.

So are you are saying that when you open a Niyo account, even if you have a pre-existing IDFC savings account, it opens a second account in IDFC bank?

In this case, my next question would be why do we need two accounts in IDFC bank just for the sake of a Niyo card? When the other features I am already getting with my pre-existing IDFC savings bank account.

As per DICGC rules, sum of all balance in different accounts in same banks are covered upto Rs 5 lakh. That part I understand.

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