Unclaimed deposits refer to balances in savings, current, term, or recurring deposit accounts that have not been operated or claimed for 10 years or more from the date of last transaction or maturity. These funds also include amounts in other types of accounts and instruments such as prepaid cards, outstanding remittances, or undrawn balances where there has been no activity by the account holder for a long period. As per RBI guidelines, banks regularly review and publish details of such inoperative or unclaimed accounts and transfer the balances to the Depositor Education and Awareness (DEA) Fund, where they remain safely preserved until claimed by rightful owners or their legal heirs. Customers can always approach the bank at any time to reclaim their unclaimed deposits by submitting necessary identification and claim documents.
Find answers to common questions about Unclaimed deposits or Depositor Education and Awareness Fund
The DEAF is a fund established by the Reserve Bank of India (RBI) under Section 26A of the Banking Regulation Act, 1949, to hold unclaimed bank deposits and promote awareness and protection of depositors’ interests.
The DEAF Scheme came into effect from May 24, 2014.
Deposits and amounts in any kind of account (savings, current, fixed, recurring, etc.) which have not been operated or claimed for 10 years or more are transferred to DEAF. Other types include undrawn balances on prepaid cards, margin money, outstanding remittances, and any amount specified by RBI from time to time.
No. Depositors or their legal heirs can claim their unclaimed deposit amounts at any time by approaching the respective bank, even after the amount is transferred to the DEAF.
Banks are required to display, on their websites, lists of unclaimed or inoperative accounts that are more than ten years old. Customers can search using combination of their First or Last Name and Address. If a match is found, customers are requested to isit their home branch with valid KYC documents. Click here to search
es, unclaimed deposits in the DEAF continue to earn interest at a rate notified by the RBI from time to time.
The depositor or their legal heirs must approach the bank (not RBI), submit a claim with the required KYC documents, and the bank will pay the amount after due verification and claim it for refund from DEAF.
Banks must:
Transfer eligible unclaimed amounts to DEAF every month
Display lists of unclaimed accounts on their website
Conduct due diligence before payment of claims
Repay depositors and then claim a refund from DEAF
The DEAF helps safeguard the interests of depositors, ensures transparency, and supports the education and awareness of the public regarding unclaimed deposits, preventing misuse or loss of funds.
