SBP asks depositors to claim their amounts in commercial banks
State Bank of Pakistan (SBP) has asked depositors, having money left unused for a decade in accounts of different commercial banks, to claim their amount through certain procedure, otherwise it will be transferred to the account of federal government after a period of one year. According to the instruction of the central bank, the unclaimed deposits include different financial instruments such as demand draft, demand deposits, time deposits, pay orders held by commercial banks with their payee but these have not been used since a decade.
the deposits amount in banks till 2014 is neither on the name of the government, nor court and nor under 18 years transferee could be reclaimed through applications and certain process through visiting branches of different banks and central bank's regional offices. Also, the information and applications related to undisclosed amount could be obtained through websites of SBP and commercial banks. There are 31 commercial banks which shared the information related to unclaimed deposits and financial instruments and their depositors as all Banks/DFIs in Pakistan are required to surrender to State Bank of Pakistan (SBP) all those deposits which have not been operated upon during the period of last ten years in terms of Section 31 of Banking Companies Ordinance, 1962
Banks/DFIs are required to report such deposits to SBP on year end basis and surrender the same as per SBP instructions in vogue. Banks/DFIs can lodge their claims with State Bank, on approaching them by the claimants.
Banks have provided details including account number, account type eg current, saving, fixed or any other, amount outstanding, last date of deposit or withdrawal, name/address of depositors and nature of deposit pertaining to year ending on 2010. The bank-wise list has also identified the bank code, branch names and other relevant information. The information provided by the banks to the SBP contains serial wise data of such unclaimed depositors, who have not carried out banking transactions during last 10 years. The banks tried to contact such depositors, but they have not responded. In other cases, there was no response from customer despite several intimations and letters/statements by the banks. Banks have informed the SBP that the account holders are untraceable.
The SBP said that all the claimants can apply for refunding in the bank branch where deposit/instrument account was opened/payable. In cases where such branches have been closed/shifted, the nearest branch of the same bank should be contacted. After completion of one year from the date of making the list public, all unclaimed deposits/instruments will cease to be claimable and will be transferred to the government. Banks/DFIs while forwarding any claim for refund to SBP will provide legible and duly attested, copies of the specified documents, SBP added.