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Pursuant to the amendment of The Banking Regulation Act 1949, Section 26A has been inserted in the Act, empowering Reserve Bank of India to establish The Depositor Education and Awareness Fund (DEAF) Scheme.

If a bank closes your bank account, contact them to find out why and ask what steps you can take to receive the funds in the account or pay off a negative balance....Here are three steps to take next: Contact the bank. ... Settle the balance (or request a check). ... Request to reopen the account.

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Reserve Bank of India specifies that the rate of interest payable by us to the depositors/ claimants on the unclaimed interest-bearing deposit amount (SB and Term Deposit) transferred to DEAF fund shall be 4 % p.a. up to June6 30, 2018, 3.5 % w.e.f. July 01, 2018 up to May 10, 2021 and at 3 % with effect from May 11, ...

The Reserve Bank of India had specified that the rate of interest payable by banks to the depositors/claimants on the unclaimed interest bearing deposit amount transferred to the DEA Fund shall be 4% simple interest.

If the bank account remains inoperative, the bank is required to transfer the money to the DEAF account by the end of the subsequent month along with the interest accrued. The unclaimed money will earn interest at rates specified by the RBI and not the rate at which the deposit was made.

How to claim my money from DEAF? Signed request letter to refund the balance, mentioning your account number. Signed photocopy of Passport. Signed photocopy of your mailing address proof.