True or false about deposit insurance

Exercise and reference answers

Questions

1. Statement is true

   No

   Statement

   A bank may opt out of deposit insurance.

2. Statement is true

   Yes

   Statement

   Cover is five lakh per depositor per bank.

3. Statement is true

   No

   Statement

   Branch balances are counted separately.

4. Statement is true

   Yes

   Statement

   Deposits at two banks are insured separately.

5. Statement is true

   No

   Statement

   The depositor pays the premium.

6. Statement is true

   No

   Statement

   Primary co-operative societies are insured.

Instructions

Decide whether each statement is true or false.

Explanation