Banks and Development Finance Institutions (DFIs) across Pakistan have surrendered all unclaimed deposits to the State Bank of Pakistan (SBP) up to December 31, 2024, following regulatory requirements governing dormant and inactive accounts. The move consolidates funds that have remained unclaimed for more than ten years and centralizes the recovery process under the country’s central bank.
According to official information, the surrendered deposits include fixed deposits, other deposit accounts, cheques, drafts, and bills of exchange that have remained inactive for over a decade. However, certain categories are excluded from this transfer, including accounts held by minors, government entities, and courts of law. By transferring these balances to the SBP, financial institutions have formally completed the process of disclosing dormant funds accumulated over extended periods of inactivity.
With the consolidation now in place, account holders and their legal successors can initiate claims to recover the surrendered amounts. All banks have disclosed details of their unclaimed deposits, and the funds are available for repayment through a structured verification mechanism managed in coordination with the SBP. The framework is designed to ensure that legitimate claimants can retrieve their money while maintaining compliance with documentation and due diligence standards.
To begin the recovery process, applicants are required to submit claims at the branch where the account was originally opened. In cases where the branch has been closed or relocated, individuals may approach the nearest branch of the same bank for assistance. For institutions that have undergone mergers or acquisitions, claimants can contact the nearest branch of the acquiring bank, which will facilitate the documentation process and coordinate with the central bank.
The claim submission requires a signed application clearly detailing the account information, along with a valid Computerized National Identity Card (CNIC) or passport for identity verification. In situations where the account holder is deceased, a succession certificate issued by a competent court of law must be provided to establish legal entitlement. This ensures that the distribution of funds aligns with inheritance laws and prevents unauthorized claims.
For deceased deposit amounts below Rs100,000, the process allows for a simplified documentation route. In such cases, an indemnity bond executed on Rs100 non-judicial stamp paper must be signed by all legal heirs. Copies of their CNICs, along with the death certificate of the account holder or beneficiary, must also be submitted. This streamlined pathway is intended to ease the recovery of smaller balances while preserving safeguards against disputes.
Once the relevant branch receives the required documentation, it forwards the complete set of records to the appropriate SBP office for verification. After validation, the central bank facilitates the refund through the respective bank or DFI, and the surrendered amount is credited to the claimant. This coordinated mechanism ensures that funds remain traceable and that repayments occur through formal banking channels.
In addition to processing claims, the SBP has made notifications and updates regarding unclaimed deposits and institutional mergers accessible to the public. This step enhances transparency and enables individuals to verify whether their accounts fall within the surrendered category.
The transfer of long-inactive balances to the central bank reflects regulatory oversight aimed at safeguarding depositor interests while maintaining orderly banking records. By centralizing unclaimed deposits and establishing a standardized claims process, the SBP continues to strengthen governance practices within Pakistan’s banking system and reinforce depositor protection protocols.
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