• Wahid Ahmad Farahi Department of Commerce & Management, Kalinga University Chhattisgarh, New Raipur, India


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.


RBI, Section 26A, Banking Act, 1949 Guidelines Operational


Download data is not yet available.


IIFL. (2014). RBI clarifies rules on DEAF scheme. IIFL Securities, 26th June. Retrieved from: rules-on-deaf-scheme-114062600086_1.html

Kancharla, B. (2020). Explainer: What is the Depositor Education and Awareness Fund Scheme? Factly, 18th May. Retrieved from:

Kumar, S. (2015). De-jargoned: Depositor Education and Awareness Fund. Livemint, 19th March. Retrieved from: Depositor-Education-and-Awareness-Fund.html

Sanghvi, D. (2019). Give your financial portfolio a reality check. Livemint, 2nd September. Retrieved from: your-financial-portfolio-a-realty-check-1567446377303.html

The Economic Times. (2014). Interest on claims in DEAF only from date of account transfer: RBI. Reserve Bank of India, 25th June. Retrieved from: claims-in-deaf-only-from-date-of-account-transfer- rbi/articleshow/37202007.cms?from=mdr#:~:text=%22The%20interest%20payable% 2C%20if%20any,said%20in%20a%20clarification%20today

The Times of India. (2019). Unclaimed deposits in banks rise by 27% to Rs 14,578 crore in 2018. The Times of India, India Times, 1st July. Retrieved from: banks-rise-by-27-to-rs-14578-crore-in-2018/articleshow/70027238.cms




How to Cite

Wahid Ahmad Farahi. (2020). DEPOSITOR EDUCATION AND AWARENESS FUND (DEAF) ACCOUNT: A SYSTEMIC REVIEW. International Journal on Recent Trends in Business and Tourism (IJRTBT), 4(4), 1-3. Retrieved from