After 10 years, unclaimed funds are transferred to Depositor Education and Awareness (DEA) Fund managed by the RBI
NEW DELHI: Unclaimed deposits are quite common. People often do not share crucial financial information with their families, including details about their accounts and deposits. After their death, family members are unaware of the deceased‘ investments and financial information. Besides, many depositors fail to keep track of accounts and deposits for different reasons (job changes, multiple accounts, etc.). The unused savings bank accounts turn into dormant accounts. They can be made active again after following the rules prescribed by the Reserve Bank of India (RBI). The proceeds of a dormant fixed deposit move into the linked saving bank account. When such proceeds are not claimed for ten years, the funds are transferred to the Depositors Education and Awareness Fund (DEAF), maintained by the RBI.