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Your Saving Account Money Transferred Into DEAF Account? Know What Is It And How To Get Funds Back?
RBI DEAF Account: In the modern day, majority of Indians have bank accounts, be it saving or current account. A few crores of Indians also have credit cards. However, you may be aware that if you fail to carry out any transaction in your account for two years, your account becomes inoperative or inactive. To reactivate your account, you need to re-verify your KYC details. However, if you fail to do so with money still lying in your account will get transferred to the DEAF account.
What Is DEAF Account?
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A DEAF (Depositor Education and Awareness Fund) account is one that has remained inactive for at least 10 years and is subsequently transferred to the Depositor Education and Awareness Fund. The Reserve Bank of India (RBI) introduced the DEAF scheme in 2014 to safeguard depositor interests. RBI requires banks to identify and flag accounts that have had no customer-initiated transactions for more than a decade.
What Amounts Are Credited To DEA Fund?
Banks must transfer the credit balance of any account inactive for 10 years to the DEA Fund. This includes balances in savings and current accounts (commercial and cooperative banks) and unclaimed term deposits that reach 10 years beyond their maturity date.
Documents Required To Claim Your Money Back
To reclaim unclaimed funds, you can contact the bank where the account was held and provide identification, such as a passport, voter ID, Aadhaar card, or driver’s license.
How To Check If Your Money Has Been Transferred?
Many banks publish lists of unclaimed deposits on their websites. You can also check your account status by logging into your online banking; if unable to transact, the account may be considered inactive.
What Is Unique Deposit Reference Number?
When an unclaimed account is transferred to the DEA Fund, it is assigned a Unique Deposit Reference Number (UDRN) to ensure account holder confidentiality.
When Do Banks Transfer Amounts to the DEA Fund?
Banks are required to transfer the credit balance of an account to the DEA Fund on the last working day of the month following 10 years of inactivity.
When Can Depositors Claim Their Funds?
Depositors can claim their funds or reactivate their accounts after the 10-year period by submitting a claim to the bank where the account was originally held. (Image Credit: File Photo)
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