Banks Hand Over Unclaimed Deposits to SBP – Here’s How You Can Claim Them

The State Bank of Pakistan (SBP) on Monday said all banks and DFIs have surrendered unclaimed deposits up to December 31, 2023.

“Banks/DFIs have surrendered their unclaimed deposits up to December 31, 2023, to the State Bank of Pakistan. Claimants can apply for a refund of their claims,” the central bank announced.

The SBP stated that individuals with legitimate claims to these funds can now apply for refunds through their respective banks. These deposits typically include dormant accounts, unclaimed financial instruments, or balances that have not been operated for extended periods.

Procedure to view/access Unclaimed Deposits list:

1. Select the unclaimed deposits list for the year concerned.
2. Select the relevant bank/DFIs.
3. The Excel sheet will be displayed with all relevant information i.e. Branch Name, Province, Name of Account Holder, CNIC/Passport, Address, and Amount; and
4. Search your desired unclaimed deposit details with the help of the ‘Ctrl+F’ keys on the keyboard.

Procedure for filing unclaimed deposit refund claim:

The account holders/successors of unclaimed deposit(s) who are desirous to file a refund claim of deposits, already surrendered to the State Bank of Pakistan by the banks/DFIs, are required to:

1. Approach the concerned bank branch where the account was opened or the instrument was payable;
2. In cases where such branches have been closed/shifted, the nearest branch of the same bank can be contacted for initiating refund claim cases. In case of mergers/acquisitions, the nearest branch of the acquirer bank may be contacted for initiating a refund. The notifications regarding mergers/acquisitions of the banks issued by the SBP may be seen at the link.
3. File/lodge the refund claim with the concerned branch of the bank along with the following documents:

• • application in original, duly signed by the account holder, envisaging the details of the account maintained with the branch;
  • copy of a valid Computerized National Identity Card (CNIC) etc.
  • succession certificate duly issued by the competent court of law, in case of a deceased unclaimed deposit account;
  • indemnity bond on Rs. 100/- non judicial stamp paper invariably signed by all the legal heirs accompanied by application from all the legal heirs and copies of CNICs and death certificate of account holder/beneficiary of instrument, in case the deceased unclaimed deposit is less than Rs. 100,000 (Click here for the circular)

The branch manager will forward the request with all relevant records to the quarter concerned for onward submission to SBP for the refund of the claim.  SBP, after due verification and process, will refund the surrendered amount to the respective bank/DFI for onward credit to the applicants.

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