In a major step to enhance transparency and ensure citizens can reclaim dormant funds, thirteen commercial banks in Pakistan have submitted their unclaimed deposits up to December 31, 2024 to the State Bank of Pakistan (SBP), in compliance with the Banking Companies Ordinance, 1962. This initiative reflects the ongoing efforts of Pakistan’s banking sector to return funds that have remained inactive for extended periods to their rightful owners.
The banks participating in this process include Bank Islami Pakistan Limited, Bank Al-Habib Limited, Bank Alfalah Limited, Faysal Bank Limited, Habib Metropolitan Bank Limited, Habib Bank Limited, MCB Islamic Bank Limited, MCB Bank Limited, National Bank of Pakistan, Standard Chartered Bank (Pakistan) Limited, United Bank Limited, Easy Paisa Bank, and Soneri Bank Ltd.
According to the SBP, unclaimed deposits consist of funds in accounts or instruments such as fixed deposits, cheques, drafts, or bills of exchange that have not recorded any transaction or statement request by the account holder for ten years. Certain accounts are exempt from this process, including those held by minors, government entities, or under court orders.
Citizens and legal heirs can access the unclaimed deposits list through the SBP portal. The process requires selecting the relevant year and financial institution, which then displays an Excel sheet detailing branch names, provinces, account holder names, CNIC or passport numbers, addresses, and the amount held. Users can conveniently search for specific accounts using standard search functions such as Ctrl+F.
For claiming refunds, account holders or their legal heirs must approach the original bank branch or the nearest branch in cases of mergers, acquisitions, or closures. Required documentation includes the original application form, CNIC, succession certificate where applicable, and an indemnity bond if necessary. The branch manager forwards the claim to SBP for verification, and after the approval process, the refunded amount is credited back to the applicant via the respective bank.
The SBP emphasized that this measure not only strengthens accountability in the banking sector but also ensures dormant funds are effectively returned to individuals, safeguarding public interest. It further underscores the regulatory commitment to financial transparency and the modernization of banking operations, enabling citizens to access their dormant funds efficiently without unnecessary delays.
Financial experts note that the initiative enhances public trust in the banking system, while also addressing long-standing inefficiencies related to dormant accounts. It also highlights the importance of record-keeping and timely communication between account holders and financial institutions to prevent funds from remaining unclaimed.
This exercise is part of broader regulatory reforms by the SBP aimed at digitizing banking processes, promoting accountability, and enabling efficient public service delivery in Pakistan’s financial sector. By enabling individuals to reclaim dormant deposits, the central bank strengthens both financial literacy and the confidence of depositors in the banking system, ensuring that idle funds are reintegrated into the economy.
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