When Domestic, NRE, or FCNR(B) deposits remain inoperative for 10 consecutive years, banks are required to classify them as unclaimed and transfer the balances to the Depositor Education and Awareness (DEA) Fund maintained by the Reserve Bank of India (RBI).
To reclaim these deposits, the customer (or their legal heir) must approach the bank where the deposit was originally held. The bank verifies the claim, repays the customer, and subsequently seeks reimbursement from the DEA Fund.
This article explains the process for customers, legal heirs, and banks, as well as the procedure applicable when a bank is under liquidation.
When Are Deposits Transferred to the DEA Fund?
Banks must transfer the credit balance of any Domestic, NRE, or FCNR(B) deposit to the DEA Fund on the last working day of the month following the completion of 10 years of continuous inoperative or unclaimed status.
A. Process for Customers / Account Holders
1. Search for Unclaimed Deposits Through UDGAM Portal
All unclaimed deposits transferred to the DEA Fund can be searched on RBI’s UDGAM Portal (Unclaimed Deposits – Gateway to Access Information).
UDGAM enables registered users to search across multiple banks centrally.
How to Search (Individuals)
Provide:
* Name of account holder
* Bank name(s)
* Any one or more of the following:
* PAN
* Driving Licence Number
* Voter ID Number
* Passport Number
* Date of Birth
How to Search (Non-Individuals)
Provide:
* Name of entity
* Bank name(s)
* One or more of:
* Name of authorised signatory
* PAN
* Corporate Identification Number (CIN)
* Date of Incorporation
2. Visit the Bank Branch
Once identified, the claimant must visit the base branch of the bank where the deposit/account was maintained.
3. Submit Claim Form and KYC Documents
Documents Generally Required
* Valid identity and address proof (Aadhaar, Passport, Driving Licence etc.)
* Recent photograph
* Original deposit receipts, if available
* If claimant is a nominee/legal heir:
* Death certificate of the account holder
* Legal heirship documents / succession certificate / probate / will, as applicable
4. Bank Verification and Repayment
The bank will:
* Verify the identity and documents
* Confirm the account details and unclaimed balance
* Settle the full amount along with applicable interest
* Pay in original currency or INR (as per regulations for NRE/FCNR(B) deposits)
There is no time limit for customers to claim overdue deposits from the DEA Fund.
B. Process When the Bank Is Under Liquidation
If the bank has been liquidated, the depositor must approach the Liquidator.
Procedure
1. Customer/legal heir submits claim to the Liquidator.
2. Liquidator submits the claim to the DEA Fund with necessary supporting documents.
3. DEA Fund refunds up to ₹5 lakh, as per DICGC insurance coverage.
4. For any amount above ₹5 lakh:
* Liquidator pays the depositor (subject to liquidation rules)
* Liquidator then seeks reimbursement for the excess from the DEA Fund
C. Internal Process for Banks (Reimbursement from DEA Fund)
Once the bank settles the claim with the customer:
1. Repayment to Customer
The bank pays the customer/legal heir the full amount plus interest.
2. Lodging Claim With RBI
The bank files a claim for reimbursement from the DEA Fund through the e-Kuber portal.
3. Required Documents
* Form II – Claim Form
* Form III – Reconciliation Certificate
* Form VI – Annual Certificate
(All signed and audited as prescribed)
4. RBI Processing
RBI verifies the documents and credits the bank’s account, typically within the same month.
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