A Study Of Deaf Accounts (Depositor Education And Awareness Fund) Scheme In India

Abstract

DEAF stands for “Depositor Education and Awareness Fund”. This scheme launched by
reserve bank of India in 2014, under Section 26 A, Banking Regulation Act 1949. The purpose
of this scheme especially for that people who are having a bank account in any bank but If
during ten or more years depositor or the relative of depositor not claim the bank has to
transferring and credit the amount to the depositor education awareness fund, (means to the
DEAF account) and the RBI bank will not pay any interest for unclaimed amount to the
customers Nowadays People don’t share their account information with someone due to some
security reasons 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 claim by anyone, If someone claim more than ten years depositor’s relative
of the account holder shall provide the required documents to the bank for claim the amount
without any interest and every bank should be settled the amount on the last working day of
the month and each bank has been chosen a unique bank DEAF code by RBI. Each bank
transferring the amount by specific bank DEAF code to the DEAF account