What are DEAF Accounts and How to Claim Your Forgotten Deposits?

Have you ever opened multiple bank accounts at different times in your life? It’s quite common. Over time, due to job transfers, changing locations, or simply convenience, we start using only one or two accounts regularly. The rest slowly fade into the background. You might even forget about an account entirely, especially if it had a small balance or if it was not used frequently.

Now imagine this: One day, you suddenly remember that old account from a decade ago. You go to the bank or check online to access it, only to be informed by the Bank that your money in that account has been transferred to DEAF, and you now need to submit fresh KYC documents along with a claim form. You start to wonder: what is this term DEAF that you have never heard before? A quick online search shows you that DEAF, which stands for Depositor Education and Awareness Fund, is a fund maintained by the Reserve Bank of India (RBI).

Understandably, you might feel anxious about your money now being with the RBI. But there’s no need to worry—your money is safe, and you can easily claim it. The bank has simply transferred it to DEAF because the account remained inoperative or unclaimed for a long time. Let’s understand what DEAF is, how it works, and how you can retrieve your funds.

What is DEAF?

DEAF, short for Depositor Education and Awareness Fund, was set up by the Reserve Bank of India (RBI) in 2014.  As per RBI, the fund shall be utilised for promotion of depositors’ interest and for such other purposes which may be necessary for the promotion of depositors’ interests as specified by the Reserve Bank from time to time.

As per RBI guidelines, when a customer’s account has no activity or remains unclaimed for over 10 years, the funds in that account are considered unclaimed and banks are required to transfer the amount to the RBI under the DEAF scheme. This includes savings accounts, current accounts, fixed deposits, cash credit accounts, and other deposit accounts in any form or with any name that remain unclaimed for over 10 years.

Even if funds have been transferred to the DEAF, the depositor—or, in the event of their demise, the nominee or legal heir—can claim them at any point in time upon becoming aware of the account.

What Makes an Account Inoperative?

To better understand DEAF, it’s important to know what qualifies as an inoperative account.

• A bank account becomes inoperative if there are no customer-initiated transactions for a period of over two years.
• If there are no customer-initiated transactions in the account for 10 years or more from the date of the last such transaction, the account is classified as unclaimed, and the bank transfers the balance to the Depositor Education and Awareness Fund (DEAF).

Customer induced transactions include the transactions in account which are in the nature of:

1. A financial transaction initiated by or done at the behest of the account holder by the bank/ third party, or;

2. A non-financial transaction, or;

3. KYC updation done in face-to-face physical mode or through digital channels such as internet banking or mobile banking application of the bank.

Bank-initiated actions such as interest credits or service charges do not count toward customer activity.

So, if you haven’t made any deposits, withdrawals, or updated your KYC for several years, your account may fall into this category—even if it still holds a balance.

What Happens to the Money in DEAF?

Once funds are transferred to the DEAF, they are maintained by the RBI. The depositor does not lose ownership of the money. You can still claim it at any time, all you need to do is identify your unclaimed account and approach your bank’s home branch with the required documents.

The DEAF framework is designed to ensure long-forgotten or idle funds are securely held and eventually returned to rightful claimants when they come forward.

How to Check if Your Deposit Has Gone to DEAF?

Banks are required to publish a list of unclaimed deposits that have been transferred to the DEAF on their official websites. These lists typically include:

• Account Holder Names
• Account Holder Addresses

To make it easier, Indian Bank also offers a dedicated online search facility to check if your deposit has been transferred to DEAF: https://apps.indianbank.in/unclaimeddeposits/

This is a quick and easy way to search for your name or account number and identify any unclaimed deposits associated with you.

Additionally, one can access RBI’s central portal UDGAM (Unclaimed Deposits Gateway to Access inforMation) which enables them to search their unclaimed deposits across multiple banks at one place.

How to Claim Your Funds from DEAF?

Once you’ve confirmed that your account is listed under unclaimed deposits, follow these steps to get your money back:

For Personal Account Holders:

Submit the following documents to your home branch:

• Original Passbook or Term Deposit Receipt
• Latest valid KYC documents address proof as mentioned in CIF form
• Latest passport-size photo
• Duly filled in and signed KYC (CIF – Personal) form to be submitted to the Home Branch. Click here (link) to download the form

For Non-Personal (Firms, Trusts, Entities):

Submit the following documents:

• Original Passbook / Term Deposit Receipt
• Duly filled in and signed CIF form (non-personal) to be submitted to the home branch. Click here (link) to download the form.
• Latest valid KYC documents of the firm/entity for identity and address as mentioned in the CIF form.
• Latest valid KYC documents/Passport size photo of Beneficial Owners
• Duly filled in and signed CIF form (CIF – Personal) of Beneficial Owners. Click here (link) to download the forms

Once the documents are submitted, the branch will initiate the process to revive the account or refund the deposit.

Need Help or Have Questions?

If you need any assistance, visit your home branch or write to us at: UNCLAIMEDDEPOSITS@indianbank.co.in

The DEAF scheme is a proactive and customer-friendly initiative from the RBI. It ensures that depositors’ funds are never lost—even if the accounts are forgotten for many years. It also helps bring awareness about the importance of keeping track of one’s bank accounts and updating records regularly.

If you suspect that you may have an old or forgotten account, don’t delay—check today. Your money is safe, and reclaiming it is simpler than ever.

Indian Bank. “Your Own Bank, Always with You”

Disclaimer: https://indianbank.in/departments/disclaimer/