What is known as Federal deposit Insurance Corporation ?
Asked by mark edwin, 29 May '09 05:33 pm
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The Federal Deposit Insurance Corporation (FDIC) is a United States government corporation created by the Glass-Steagall Act of 1933. It provides deposit insurance, which guarantees the safety of deposits in member banks, currently up to $250,000 per depositor per bank. Funds in non-interest bearing transaction accounts are fully insured, with no limit, under the temporary Transaction Account Guarantee Program. However, not all banks are participating in the TLGP/TAGP.Answered by RANJAN KARNAD, 31 May '09 09:44 am
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