SBP to transfer unclaimed deposits of 0.3mln accounts to government 

KARACHI: The State Bank of Pakistan (SBP) has decided to transfer the funds from more than 0.3 million dormant bank accounts to national exchequer if it doesn’t receive any claim on them within the next one year. 

Last week, the central bank issued a list of bank accounts, holding around Rs2.36 billion, in around 31 private and state-owned banks. No claim was raised on them till December 31, 2014.

“After the completion of one year from the date of making the list first public, all unclaimed deposits/instruments will cease to be claimable and be transferred to the government,” the central bank said in a notice.

According to the SBP, the said fund belongs to 322,134 depositors who have neither operated their accounts nor contacted the banks.

All banks and development finance institutions (DFIs) are required under Section 31 of Banking Companies Ordinance, 1962 to surrender to the SBP all those deposits, which remain non-operative for a decade, except deposits, which are in the name of a minor/government/court of law.

The SBP has already directed financial institutions to annually report such deposits to the central bank. Banks and DFIs can, however, lodge their claims with the SBP if they are later approached by the claimants.

The State Bank, in the notice, said all the claimants/beneficiaries can apply for refund from a bank where deposit account is opened or instruments are payable. The SBP said in cases where a branch has been closed or shifted, a nearest branch can be contacted for initiating refund claims.

As per the guidelines issued by the SBP, banks/DFIs, while forwarding any claim for refund, must provide ‘legible and duly attested copies’ of the documents, including original application for refund along with verification of attested signature/thumb impression of the claimant by the concerned branch manager with name and stamp. “A claimant’s address and contact number (if any) must also be provided in the application,” the SBP said.

Besides, a copy of three-month notice served by a bank/DFI on the holder of the unclaimed deposit/instrument should be provided to the SBP.

A financial institution is also required to provide an attested copy of computerised national identity card of the claimant.