The State Bank of Pakistan (SBP) announced that all banks and Development Finance Institutions (DFIs) have surrendered unclaimed deposits up to December 31, 2023. The central bank stated that individuals with legitimate claims to these funds can now apply for refunds through their respective banks.

These unclaimed deposits typically include dormant accounts, unclaimed financial instruments, or balances that have not been operated for extended periods. The SBP encourages claimants to take advantage of this opportunity to recover their funds.

To view the list of unclaimed deposits, individuals can select the relevant year and bank/DFI, which will display an Excel sheet containing information such as branch name, province, account holder’s name, CNIC/passport number, address, and amount. Users can search for their desired unclaimed deposit details using the ‘Ctrl+F’ function on their keyboard.

For those wishing to file a refund claim for unclaimed deposits surrendered to the SBP, the following steps are required:

• Approach the Bank: Claimants should visit the branch where the account was opened or the financial instrument was payable. If the branch has been closed or relocated, the nearest branch of the same bank can be contacted for assistance. In cases of mergers or acquisitions, the nearest branch of the acquiring bank should be approached.
• File the Claim: Claimants must lodge their refund claim with the concerned bank branch, providing the following documents:
• An original application, duly signed by the account holder, detailing the account maintained with the branch.
• A copy of a valid Computerized National Identity Card (CNIC).
• A succession certificate issued by a competent court, if the account holder is deceased.
• An indemnity bond on Rs. 100 non-judicial stamp paper, signed by all legal heirs, along with applications and copies of CNICs and the death certificate of the account holder, if the unclaimed deposit is less than Rs. 100,000.

Once the claim is submitted, the branch manager will forward the request and all relevant records to the appropriate quarter for submission to the SBP. After due verification, the SBP will refund the surrendered amount to the respective bank or DFI for onward credit to the applicants.