The State Bank of Pakistan (SBP) has issued a clear procedure for citizens to claim funds from inactive or unclaimed bank accounts.
These are accounts where no transaction has occurred for the past 10 years, and the account holder has not requested statements during this period.
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According to the Banking Companies Ordinance 1962, Section 31, all banks and Development Finance Institutions (DFIs) are required to transfer such funds – including fixed deposits, other balances, checks, drafts, and bills of exchange – to the State Bank of Pakistan.
Accounts under minors, government institutions, or courts are exempt from this process. For public convenience, the SBP has released a list of unclaimed funds, sortable by year and bank.
The list contains details such as branch name, province, account holder’s name, CNIC number, address, and account balance. Citizens can search for their information using Ctrl+F on the list.
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If an individual wishes to claim their own or a deceased relative’s unclaimed funds, they must contact the relevant bank branch where the account was originally opened or where the financial instrument was payable.
If that branch has closed or moved, citizens can approach the nearest branch of the same bank.
To process the claim, applicants must submit a signed application, a copy of CNIC, and other required documents. In case of a deceased account holder, a succession certificate is mandatory. For claims under one lakh rupees, all heirs must provide a joint affidavit and supporting documents.
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The bank branch forwards the application and records to the State Bank, which verifies the claim and returns the funds to the bank. The bank then transfers the amount to the applicant’s account.
This process ensures that funds from dormant accounts are properly returned to rightful owners while maintaining transparency and compliance with banking regulations.
