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
Key words: RBI, DEAF Accounts, Claim unclaimed, Bank Scheme
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