What is the Full Form of DEAF?

The full form of DEAF is Depositor Education and Awareness Fund Scheme. It was launched by the Reserve Bank of India (RBI) in 2014. The motive of this scheme was to promote depositor interest. The fund was constituted as the aftermath of the announcement made by the Governor of RBI on the Monetary Policy Statement 2013-14 on May 3, 2013. Consequently, the Banking Regulation Act of 1949 was amended and Section 26A was ultimately added to the Act. This historical move authorized the RBI to establish the fund.  

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Important Points to Consider 

• According to the DEAF scheme, banks can transfer funds from accounts that have been inoperative for the last ten or more years to the DEAF within a period of three months after the expiry of the specified period of ten years. 
• Interestingly, the depositor can still claim the deposit even after it has been transferred to DEAF. 
• The rate of interest on such deposits is finalized by the RBI.
• RBI has a dedicated committee to manage the fund according to the set guidelines. It consists of an ex-officio Chairperson and a maximum of six members. 
• As per the RBI, the fund would be used for the promotion of the depositor’s interest.
• DEAF is defined under Section 26A of the Banking Regulation Act 1949.

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Accounts Under the Scheme 

Here is a list of bank accounts that are included under the scheme:

• Cash credit account
• Savings bank deposit accounts
• Current deposit accounts
• Fixed or term deposit accounts
• DDs
• Banker’s cheques
• Sundry deposit accounts
• Cumulative or recurring deposit accounts

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Amount to be Sent to the Fund from Non-operative Accounts

The RBI has authorized the transfer of funds from the following categories:

• The credit balance of any deposit account that has been non-functioning for 10 or more years.
• Apart from the earlier-mentioned accounts, RBI may occasionally include other accounts as well. 
• According to RBI, banks must provide a list of unclaimed deposits and accounts that have been inoperative for more than 10 years. 
• The unclaimed funds that are included in the DEAF amount must be reported by the respective institutions.  

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