Is there a time limit for depositor to claim unclaimed amount from DEA Fund? RBI releases important FAQs

When an account has been inactive or unclaimed for ten years straight, the banks will transfer the credit balance to the DEA Fund (Depositor Education and Awareness Fund) on the last working day of that month. However, customers can request a return of their unclaimed funds from their banks.

For example, the deposits becoming due to be transferred to DEA Fund (i.e., unclaimed for 10 years), in the month of April shall be transferred to the DEA Fund on the last working day in the month of May.

Unclaimed money in savings account, FDs: Can you settle unclaimed deposits using RBI’s UDGAM portal?

Is there a time limit for the customer for claiming the amount from the DEA Fund?

According to the RBI FAQs released on March 5, 2024, “There is no specific time limit prescribed in the Scheme for claiming a refund from the DEA Fund by the customer/ depositor. However, customer/ depositor or the legal heirs (in case of deceased depositor) are encouraged to claim such amounts as soon as they become aware of unclaimed amounts.”

Also read: How much interest rate is applicable on unclaimed amounts in savings account, fixed deposits

Important FAQs on unclaimed deposits

Which are the amounts credited to DEA Fund?

The below accounts which have not been operated upon for 10 years or more by the depositor, or any amount remaining unclaimed for 10 years or more, and includes the following:

• savings bank deposit accounts;
• fixed or term deposit accounts;
• cumulative/recurring deposit accounts;
• current deposit accounts;
• other deposit accounts in any form or with any name;
• cash credit accounts;
• loan accounts after due appropriation by the banks;
• margin money against issue of Letter of Credit/Guarantee etc., or any security deposit;
• outstanding telegraphic transfers, mail transfers, demand drafts, pay orders, bankers cheques, sundry deposit accounts, vostro accounts, inter-bank clearing adjustments, unadjusted National Electronic Funds Transfer (NEFT) credit balances and other such transitory accounts, unreconciled credit balances on account of Automated Teller Machine (ATM) transactions, etc.;
• undrawn balance amounts remaining in any prepaid card issued by banks but not amounts outstanding against travellers cheques or other similar instruments, which have no maturity period;
• rupee proceeds of foreign currency deposits held by banks after conversion of foreign currency to rupees in accordance with extant foreign exchange regulations; and
• such other amounts as may be specified by the Reserve Bank from time to time.

Is interest accrued on such amounts also transferred to the DEA Fund?

Yes. The banks are required to transfer the entire amount, including the accrued interest, as on the date of transfer to the DEA Fund.

Whether customer/depositor can claim a refund of their unclaimed amounts from the DEA Fund?

Yes, customer/depositor can claim a refund of their unclaimed amounts from their banks. Based on the request of claim made by customer/depositor or legal heirs (in case of deceased depositors), the banks shall repay the customer/depositor along with interest (applicable only in case of Interest-Bearing deposit accounts) and then lodge a claim for a refund from the DEA Fund maintained by the RBI for an equivalent amount paid to the customer/depositor.