Unclaimed deposits are deposits where the proceeds/maturity amount has not been claimed for a period of 10 years or more. In other words, term deposits are deemed unclaimed if they are inactive/inoperative for more than 10 years.
Unclaimed deposits which has over 10 years have to be transferred to the RBI's Depositor Education and Awareness Fund (DEAF) every month. After 10 years, if a claim on the deposit is made, the banks will settle it from their own funds and claim it back from the Depositor Education and Awareness Fund (DEAF) later.
Unclaimed Deposit and DEAF Accounts as on 31-10-2024