The issue of SBP unclaimed deposits has gained attention after the State Bank of Pakistan announced that all banks and development finance institutions have transferred dormant funds up to December 31, 2024. This means thousands of individuals and families across Pakistan may now be eligible to recover money from inactive bank accounts or old financial instruments that were forgotten over time.
The State Bank of Pakistan (SBP) confirmed that these funds include balances from accounts that have remained unused for years. Many people are unaware that they may have money sitting idle in the banking system. With the recent announcement, the process to check and reclaim these funds has become clearer and more structured.
What Are Unclaimed Deposits?
Unclaimed deposits typically refer to bank accounts that have not been operated for a long period. These may include savings accounts, current accounts, fixed deposits, pay orders, or demand drafts that were never collected. Over time, if no transactions occur and the account holder does not respond to bank notices, the funds are categorized as dormant.
Under banking regulations in Pakistan, such balances are eventually transferred to the SBP for safekeeping. The goal is not to confiscate the funds but to protect them until the rightful owner or their legal heirs come forward.
The announcement regarding SBP unclaimed deposits highlights that significant sums remain uncollected. This serves as a reminder for citizens to check their financial history, especially if they have changed addresses, switched banks, or lost track of older accounts.
Why This Matters
For many families, even a modest amount of money can make a meaningful difference. Sometimes, unclaimed deposits belong to deceased relatives, and legal heirs may not be aware of these funds. In other cases, individuals may have opened accounts years ago for employment, scholarships, or business purposes and simply forgotten about them.
By transferring these dormant funds, the SBP has centralized the data, making it easier to verify claims. The SBP unclaimed deposits initiative encourages transparency and ensures that money remains accessible to its rightful owners.
How to Check for Unclaimed Funds
Checking whether you have unclaimed money is a straightforward process. The SBP has made information available online so citizens can search for their names.
Here’s how you can check:
- Visit the official website of the State Bank of Pakistan or the relevant bank’s unclaimed deposits section.
- Select the applicable year for the list.
- Choose the name of the bank or development finance institution.
- Download the Excel file containing details such as branch name, account holder’s name, CNIC or passport number, address, and amount.
- Use the “Ctrl+F” function to search your name or CNIC number quickly.
The SBP unclaimed deposits lists are detailed and organized bank-wise, making it easier to locate specific information. Take your time to carefully review the file, especially if you believe an older account may exist in your name.
Steps to Claim Your Money
If you find your name on the list, the next step is to initiate the claim process. The procedure is designed to ensure proper verification and prevent fraud.
Visit the Relevant Branch
Go to the branch where the account was originally opened or where the financial instrument was issued. If the branch no longer exists, you can visit the nearest branch of the same bank. In case the bank has merged with another institution, contact the new bank’s nearest branch.
Prepare Required Documents
You will need to submit:
- A written and signed application mentioning account details.
- A copy of your valid CNIC or passport.
If the account holder has passed away, additional documents are required:
- A succession certificate issued by a court.
- For amounts less than Rs. 100,000, an indemnity bond on Rs. 100 stamp paper signed by all legal heirs, along with their CNIC copies and the death certificate.
Once submitted, the branch manager forwards the request to the concerned department. After verification, the SBP releases the funds back to the bank, and the amount is credited to your account.
The process for SBP unclaimed deposits may take some time due to verification, but it ensures security and authenticity.
Important Tips to Avoid Future Dormant Accounts
To prevent your accounts from becoming dormant in the future:
- Conduct at least one transaction annually.
- Keep your contact details updated with your bank.
- Inform family members about your bank accounts and investments.
- Maintain proper documentation of fixed deposits or financial instruments.
Regular monitoring of your accounts helps you stay in control of your finances and reduces the risk of funds being categorized as unclaimed.
The announcement regarding SBP unclaimed deposits is an important reminder for everyone in Pakistan to review their financial records. Many people may unknowingly have funds waiting for them. By checking the official lists and following the proper claim procedure, individuals and families can recover money that rightfully belongs to them.
Taking a few minutes to search your name could potentially bring back forgotten savings. It’s a simple step that may lead to meaningful financial recovery.
