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In a recent announcement, the State Bank of Pakistan (SBP) stated that all banks and Development Finance Institutions (DFIs) have officially surrendered unclaimed deposits up to December 31, 2023, in accordance with regulatory requirements. These funds typically include balances in dormant accounts, unclaimed financial instruments, or amounts left untouched for several years.
The SBP has now invited individuals with legitimate ownership of these funds to submit claims through the concerned banks to initiate the refund process.
What Are Unclaimed Deposits?
Unclaimed deposits generally consist of:
- Inactive or dormant accounts not operated for a significant period
- Unused or unpaid financial instruments (e.g. bank drafts, pay orders)
- Funds belonging to deceased individuals where no legal claim has been made
Such deposits, when left unclaimed for a statutory period, are surrendered to the SBP by the banks in line with banking regulations. The central bank now holds these funds and facilitates their return upon legitimate claims.
How to Access the List of Unclaimed Deposits
To determine whether your or a family member’s funds are among the surrendered deposits:
- Visit the SBP’s official website and go to the relevant section for unclaimed deposits.
- Select the list for the year (in this case, up to December 31, 2023).
- Choose the relevant bank or DFI.
- Download or open the Excel sheet, which includes:
- Branch Name
- Province
- Account Holder’s Name
- CNIC/Passport Number
- Address
- Amount
- Use Ctrl+F to search your name or CNIC in the sheet.
Refund Claim Procedure for Unclaimed Deposits
If you find a match or believe you have a claim, follow the official SBP refund process:
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Step 1: Contact the Bank
- Visit the branch where the account was originally opened, or
- If the branch is closed/relocated, visit the nearest branch of the same bank.
- In case of a bank merger/acquisition, contact the nearest branch of the acquiring bank.
Step 2: Submit Required Documents
The claimant must provide the following:
- A duly signed application stating account details
- A copy of valid CNIC
- For deceased account holders:
- Succession certificate issued by a court (for deposits above Rs. 100,000)
- Indemnity bond on Rs. 100/- stamp paper, signed by all legal heirs (for amounts below Rs. 100,000)
- Death certificate and CNICs of all heirs
The complete application must be lodged at the concerned branch.
What Happens After the Claim is Filed?
Once the bank branch receives the application:
- The Branch Manager will forward the documents to the relevant department.
- The bank will then submit the claim to the SBP for verification.
- After due diligence, the SBP will release the funds back to the bank/DFI.
- Finally, the bank will credit the amount to the claimant’s account.
Important Notes for Claimants
- Only legitimate claimants (account holders or verified legal heirs) are eligible.
- It is critical to provide accurate details and complete documentation to avoid delays.
- The process can take time due to verification and legal steps, especially in inheritance cases.
- Visit the SBP official website for access to circulars, lists, and updated information.
