DEPOSITOR EDUCATION AND AWARENESS FUND (DEAF) ACCOUNT: A SYSTEMIC REVIEW

Abstract

Many people in India and even in the world don’t usually like sharing their bank account information with their family due to some reason, and during few years may happen something to the account holder like he/ she may die, in prison or travel to other country, and the amount remaining in the bank for many years or may never someone claim; that is why RBI formatted the scheme of DEAF (Depositor Education Awareness Fund) in 2014, under the Regulation Act 1949, and Section 26A, and it is  for the awareness of customers. If during 10 or more years depositor or the relative of depositor do not claim an account, the bank has to transfer and credit the amount to the Depositor Education Awareness Fund (DEAF account) and the RBI will not pay any interest for unclaimed amount to the customers. If someone claim for 10 years or more than that the depositor of the relative of the account holder shall provide the required documents to the bank for transferring back the money without any interest. And each bank should be sending the money on the last working day of month and for every bank has been chosen a unique bank DEAF code by RBI. Each bank should transfer the amount by specific bank DEAF code to the DEAF account.