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