In 2014, RBI directed banks to transfer the outstanding amount in unclaimed depo-sits to the DEAFund. Bank deposits are simple, secured, safe, liquid and convenient means of savings at a reasonable, but assured, return. For a common people, bank deposits forms a major part of their financial savings. If a savings account is not operated i.e. there is no customer induced transaction for a period of 10 years or more; or the term deposit is not withdrawn i.e. not claimed for 10 years from the due date, these deposits are treated as unclaimed deposits. Deposits become “unclaimed” on account of a variety of reasons: legal heirs/nominees may not have knowledge of the deposits of...
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