Norms for Depositor Education and Awareness Fund

The Reserve Bank of India has notified Depositor Education and Awareness Fund Scheme, 2014. Banks will calculate balances in accounts (inoperative accounts and balances remaining unclaimed for 10 years) along with accrued interest a day prior to effective date (May 23).

They will transfer such amounts to Depositor Education and Awareness Fund (Fund) on June 30, 2014. Subsequently, banks will transfer the amounts becoming due in each calendar month and interest on the last working day of subsequent month.