TEZU, 21 Nov: A district-level meeting on the Depositor Education and Awareness Fund (DEAF) was held on Friday at the Lohit district secretariathere, coinciding with the launch of a DEAF awareness and claims facilitation camp.
The programme saw the participation of the Tezu SBI chief manager, the Arunachal Pradesh State Cooperative Apex Bank branch manager, representatives from various banks, and several DEAF account holders.
Speaking on the occasion, LDM Ojing Taboh explained the nuances of DEAF accounts. He said that, under RBI regulations, balances lying in inoperative bank accounts for over 10 years are transferred by banks to the DEAF, a fund maintained by the Reserve Bank of India. “The purpose of this mechanism is to safeguard unclaimed deposits while allowing depositors or legal heirs to reclaim the amount at any time through their bank,” Taboh said.
DIPRO Nyatum Doke, who chaired the meeting on behalf the district administration, emphasised the economic significance of settling unclaimed amounts. “Money lying idle in unclaimed accounts does not benefit families or the economy. Once claimed and brought back into circulation, it supports household needs and generates a multiplier effect for local development,” he said, and urged banks to ensure wider publicity, so that more beneficiaries can reclaim their dues.
During the event, SBI Tezu settled two DEAF accounts amounting to Rs 3.67 lakh. A composite video explaining the claim process for unclaimed assets was screened, and banks presented their progress reports. Certificates were also handed over to two successful claimants.
The DEAF awareness camp will continue until 31 December, with assistance counters supporting citizens in claiming unclaimed deposits, insurance claims, dividends, shares, and mutual funds, in addition to helping with KYC updates, claim-form filling, and document verification. (DIPRO)
