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Transfer unclaimed deposits to DEAF

The RBI has directed banks to remit deposits classified as unclaimed to the Depositor Education and Awareness Fund (DEAF) by 30 June. The DEAF scheme has been notified in the official gazette and banks should calculate the cumulative balances in all such accounts with unclaimed deposits, along with interest accrued till 23 May 2014, and transfer them to the newly created fund, the RBI said in a communication to th banks. After the first transfer of amounts, banks should transfer amounts becoming due in each calendar month on the last working day of the subsequent month. The DEAF was first announced in the annual monetary policy by RBI in May 2013, with a view to use unclaimed deposits with banks for depositor education and awareness. The RBI asked the banks to transfer the money using electronic form only and also laid out a detailed procedure for transfer of the money.

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