Karachi, December 31, 2024 – The State Bank of Pakistan (SBP) on Tuesday said that banks and Development Financial Institutions (DFIs) have surrendered their unclaimed deposits to the central bank as of December 31, 2023.
These unclaimed deposits include funds that have remained inactive for over ten years without any transaction or acknowledgment by the account holders.
The SBP clarified that claimants can still apply for refunds of their deposits by following the prescribed procedure. Unclaimed deposits are defined under the Banking Companies Ordinance, 1962, as debts owed by banking companies in Pakistan or other currencies for which no activity or communication has occurred for a decade. Exceptions include deposits held in the names of minors, government entities, or courts of law.
In compliance with Section 31 of the ordinance, all banks and DFIs are required to surrender unclaimed funds, including fixed deposits, other savings, cheques, drafts, and bills of exchange, to the SBP. This process ensures the safeguarding of these funds while providing a mechanism for rightful claimants to recover their money.
How to Access the Unclaimed Deposits List
The SBP has made it easier for individuals to locate unclaimed deposits. Interested parties can:
1. Visit the SBP website and select the relevant unclaimed deposits list.
2. Choose the concerned bank or DFI.
3. Access an Excel sheet displaying details, including branch name, province, account holder’s name, CNIC/passport, address, and amount.
Filing a Refund Claim for Unclaimed Deposits
Claimants wishing to recover unclaimed deposits surrendered to the SBP must:
• Approach the branch where the account was initially opened or the nearest branch of the same bank in case of relocation or closure.
• Submit the required documentation, including:
1. An original application signed by the account holder.
2. A copy of the valid CNIC.
3. A succession certificate issued by a competent court (in cases involving deceased account holders).
4. An indemnity bond on non-judicial stamp paper for cases below Rs. 100,000.
The bank branch will forward the claim to the SBP, which, after due verification, will process the refund and return the amount to the applicant via the bank. The SBP emphasized its commitment to ensuring transparency and ease in this process to assist the public effectively.