Key Takeaways:
| Point | Details |
|---|---|
| Effective Date | October 1, 2025 |
| Applicable Banks | Commercial Banks, RRBs, LABs, SFBs, PBs, Cooperative Banks |
| e-Kuber Registration | Mandatory for all banks; two registered e-mails required |
| Transfer Window | Last five working days of each month |
| Claim Window | First 10 working days of each month |
| Required Forms | Form I (Monthly), Form II (Claim), Form III (Reconciliation), Annual Certificate |
| Audits | Internal/concurrent and statutory auditors to verify transfers and claims |
Source: RBI
The Reserve Bank of India (RBI) has issued revised operational guidelines for the Depositor Education and Awareness (DEA) Fund Scheme, 2014, aimed at streamlining the process for banks to transfer unclaimed deposits and claim refunds from the DEA Fund. The updated instructions consolidate and rationalize previous guidelines issued since the scheme’s inception in 2014.
The revised instructions, issued under Sections 26A and 35A of the Banking Regulation Act, 1949, apply to all banks covered under the DEA Fund Scheme, including commercial banks (public and private), regional rural banks (RRBs), small finance banks (SFBs), payments banks (PBs), and cooperative banks.
Key Updates in the Revised Guidelines
1. Registration in e-Kuber System:
Banks are required to register under the DEA Fund module on the RBI’s e-Kuber system. For non-member banks without e-Kuber access, registration must be completed via their sponsor bank. Banks must provide two designated e-mail IDs to [email protected], which will be the primary channel for all communication related to DEA Fund operations. Registration is mandatory for remitting unclaimed amounts and submitting refund claims electronically.
2. Authorised Signatories:
Banks must nominate authorized officers to operate DEA Fund accounts jointly. Details of these officers, along with specimen signatures and board resolutions, must be submitted to the RBI. Any changes in authorized signatories require submission of full details, not just additions or deletions.
3. Transfer of Unclaimed Amounts:
Banks must transfer unclaimed deposits from inoperative accounts older than 10 years along with accrued interest to the DEA Fund during the last five working days of each month. Member banks must remit amounts directly via e-Kuber, while sponsor banks must handle transfers for non-member banks. Detailed breakup of accounts, deposits, and credits must be provided.
4. Window for Transfers and Claims:
- Deposit Window: Open during the last five working days of each month; banks may effect only one transfer per month.
- Claim Window: Open during the first 10 working days of each month; banks may submit one consolidated claim per month. Non-member banks must coordinate with their sponsor bank for timely transfers and claims.
5. Claim Refund Procedure:
- If a customer asks for their unclaimed deposit, the bank must first repay them (with interest, if applicable) and then claim the same amount back from the DEA Fund using Form II.
- If only part of the amount is claimed, the bank reactivates the account for the balance and still claims the full amount from the Fund.
- Claims must be filed through e-Kuber, with a signed and auditor-certified Form II submitted to RBI within 3 working days. For the first claim of a half-year/year, Form III (Reconciliation Certificate) and Annual Certificate must also be attached.
- RBI examines the claim and credits the bank’s account by the end of the same month (for non-member banks, via their sponsor bank).
- Banks are not required to submit customer-wise details in Form II but must keep them internally, duly audited, for RBI checks.
- Proper KYC checks must be done before repayment to customers to avoid fraud.
- Interest on unclaimed deposits will be paid at rates notified by RBI from time to time.
6. Submission of Returns:
- Form I (Monthly Statement): Auto-generated by e-Kuber and submitted online after verification.
- Rectification Form: Used to report discrepancies in Form I, to be submitted within two weeks.
- Form III (Reconciliation Certificate): Prepared semi-annually (March and September) and certified by auditors.
- Annual Certificate: Statutory auditors must certify item-wise outstanding balances annually; submission deadline is September 30 of the following financial year.
7. Audit Requirements:
Banks must maintain customer-wise details of transfers, verified by internal auditors, and ensure interest on interest-bearing deposits is correctly credited. Auditors also verify returns submitted to the RBI, which are further reviewed during statutory audits.
8. Contact Information:
Any changes in bank contact details for DEA Fund correspondence must be emailed to [email protected] in the prescribed format.
The revised operational guidelines aim to enhance transparency, streamline electronic transfers and claims, and ensure robust monitoring of unclaimed deposits across India’s banking sector. These instructions will be effective from October 1, 2025.
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