FAQs on Depositor Education and Awareness (DEA) Fund Scheme, 2014

Here's a summary of the Depositor Education and Awareness (DEA) Fund Scheme, 2014:

Summary:

The Depositor Education and Awareness (DEA) Fund Scheme, 2014 is a program initiated by the Reserve Bank of India to educate and aware depositors about their rights and benefits. The scheme aims to promote a culture of savings and financial literacy among the public.

Key Points:

The DEA Fund is created to receive amounts credited to it from banks, including interest accrued.
The amounts credited include unclaimed deposits, credit balances, and other such amounts specified by the Reserve Bank.
The banks are required to transfer the credit balance in the accounts referred in Q No. 2 above to the DEA Fund on the last working day of the month subsequent to the month of completing 10 years of its continuous inoperative or unclaimed status.
The customer/depositor can claim a refund of their unclaimed amounts from their banks, and the bank will repay the amount along with interest (applicable only in case of interest-bearing deposit accounts).
There is no specific time limit prescribed for claiming a refund from the DEA Fund by the customer/depositor.
In the case of a bank under liquidation, the depositor must approach the Liquidator for a claim, and the Liquidator would settle the claim as per the prescribed procedure.

Objective:
The objective of the DEA Fund Scheme is to promote financial inclusion, improve depositor awareness, and ensure that depositors receive their due amount in a timely and efficient manner.