What is FDIC insurance and does it apply to my savings account?

FDIC stands for Federal Deposit Insurance Corporation, which is a US government agency that provides deposit insurance to protect depositors in case a bank fails. FDIC insurance does not apply to savings accounts in India, as it is specific to US banks.

In India, the Deposit Insurance and Credit Guarantee Corporation (DICGC) provides insurance for bank deposits. It offers insurance cover of up to Rs 5 lakh per depositor per bank, which includes both principal and interest amount held in savings account, current account, fixed deposits, and other types of deposits.