Banks surrender unclaimed deposits to State Bank- Here's how to claim

KARACHI: Banks and Development Finance Institutions (DFIs) on Monday surrendered unclaimed deposits, up to December 31, 2024, to the State Bank of Pakistan (SBP), in compliance with regulatory requirements.

What are unclaimed deposits?

Unclaimed deposits refer to funds in bank accounts where no transactions have occurred, and no statement has been requested or acknowledged by the account holder for a period of ten years.

In line with Section 31 of the Banking Companies Ordinance, 1962, all banks and DFIs in Pakistan are required to surrender unclaimed deposits, including fixed deposits, cheques, drafts, and bills of exchange, to the SBP. Exceptions include deposits held in the name of minors, government accounts, or court orders.

How to claim unclaimed deposits

The SBP has announced that claimants can apply for refunds on their unclaimed deposits.

Interested individuals can visit the official SBP website for the claims process: SBP Unclaimed Deposits Claim Page. https://www.sbp.org.pk/cpd/cpd-uncl.asp

Select the unclaimed deposits list for the relevant year.

Choose the bank/DFI involved.

An Excel sheet with details such as the branch name, province, account holder name, CNIC/Passport number, address, and amount will be displayed.

Use the “Ctrl+F” function on your keyboard to search for your unclaimed deposit details.

How to File a Refund Claim for Unclaimed Deposits

Account holders or their successors wishing to file a refund claim for unclaimed deposits surrendered to the SBP should follow these steps:

Visit the bank branch where the account was originally opened or the instrument was payable. If the branch has closed or moved, the nearest branch of the same bank should be contacted. For merged or acquired banks, contact the nearest branch of the acquiring bank.

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You can also check for merger/acquisition notifications issued by SBP at: SBP/Mergers/Acquisitions Notifications.

Submit the Refund Claim:

The claim should be filed with the bank branch, accompanied by the following documents:

A signed application detailing the account information.

A copy of a valid Computerized National Identity Card (CNIC) or relevant identification.

A succession certificate, if the account holder is deceased.

An indemnity bond on a Rs. 100/- non-judicial stamp paper, signed by all legal heirs, along with copies of their CNICs and the account holder’s death certificate, in cases where the unclaimed deposit is less than Rs. 100,000.

Bank’s Processing:

Once the claim is lodged, the branch manager will forward the request and relevant documentation to the concerned SBP office for verification. Upon approval, SBP will refund the amount to the respective bank or DFIs, which will credit the funds to the claimant’s account.