The apex bank of the country- RBI has asked the lending institutions to suspend unclaimed deposits and submit them in Depositor Education and Awareness Fund (DEAF) by the end of next month. The DEAF scheme is declared as official gazette on 24th may, 2014.
RBI has instructed the banks to calculate the entire amount, they are having as unclaimed deposits and calculate the interest on them till 23rd May, 14 and deposit it in the DEAF scheme. 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.
RBI has laid the complete instructions and process for transferring the money from the accounts to DEAF.