pay you the money directly. Instead, the liquidator or organization

If you have more than one account at the bank, the DICGC will pay Rs.100,000 or lower for every account. That’s because every account has separate insurance. For example, if you have one account with Rs.150,000 deposit and another with Rs.10,000, the maximum you’ll get is Rs.100,000 for the first and Rs.10,000 for the second.
Secondly, the bank will not pay you the money directly. Instead, the liquidator or organization that a court appoints will process your claim and pay the money. This money comes from DICGC. Therefore, you will not get money directly from DICGC either.
Thirdly, the amount of Rs.100,000 or lesser will be paid within two months of the closure of the bank. The process to close a bank is pretty long. This means, it’s only when RBI declares a bank as closed and an appropriate court appoints a liquidator, you can get the money.
You have to submit all documents that prove you hold an account with the bank under liquidation. The liquidator can take time to check your documents and validate your claims. This time is necessary because closure of a bank affects tens of thousands or even millions of customers.
As the above information clearly indicates, you will get only a maximum of Rs.100,000 per account if a bank closes down for any reason.