DEAF ACCOUNTS

DEAF means it is “Depositors’ Education and Awareness Fund “ under Scheme, 2014 – Section 26A of Banking Regulation Act, 1949 of Reserve Bank of India.

Under the provisions of the section the amount to the credit of any account in India with any Bank which has not been operated upon for a period of ten years or any deposit or any amount remaining unclaimed for more than ten years shall be credited to the Fund. The Fund shall be utilized for promotion of depositors’ interest and for such other purposes which may be necessary for the promotion of the depositors’ interests as specified by Reserve Bank of India from time to time.