What is the Full Form of DEAF? About DEAF
DEAF Full Form – Depositor Education and Awareness Fund or DEAF is a scheme which was established in 2014 by the RBI. It is more commonly known as Depositor Education and Awareness Fund Scheme. This scheme was initially inserted in the Banking Regulation Act, 1949. In DEAF Scheme, all banks are supposed to transfer all the money that is kept in an inoperative account for at least 10 years to the DEAF. An inoperative account is a term for an account in which no transaction has taken place for over two years. It is also called an inactive or dormant account. However, only the inoperative accounts related to the specific guidelines come under the scheme. Some of these are – savings bank accounts, term deposits, recurring accounts, current deposit accounts, various forms of transfers, and National Electronic Fund Transfer (NEFT). The bank has to not only give the full amount of the account but also the interest that was to put on the money. DEAF is a committee headed by a deputy governor of the RBI and six other members. The committee’s role is to decide how the amount has to be utilized. The primary aim is to manage educational initiatives for customers.