If a Depositor has Deposit Accounts in Different Insured Banks, will the Deposits be added together for the Purpose of Determining Insurance Coverage?
No. The maximum insurance limit is applicable to deposits in each of the
participating banks.
In the case of a bank having one or more branches,
the main office and all branch offices are considered as one bank. In summary,
if a person has many accounts in one bank, all the deposits are taken together
as one account even if the deposits are in various branches of the same bank.
On the contrary, if a depositor has accounts in more than one bank, they are
insured independently up to the maximum insured sum per bank.