WEDNESDAY SEPTEMBER 28: 34 banks give SBP details of unclaimed deposits

ISLAMABAD: Thirty-four banks have provided complete details to the State Bank of Pakistan (SBP) of unclaimed depositors, defined as those who have not operated their accounts for last 10 years. According to a recent report of SBP on unclaimed deposits available on its website, 34 banks have surrendered this information to the SBP required under the Banking Companies Ordinance.
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 accountholders are untraceable.
The SBP report states that a debt payable in Pakistan currency or any other currency owed by a banking company by reason of a deposit, not being a deposit in the name of a minor or a government or a court of law, at a branch of the banking company in respect of which no transaction has taken place and no statement of account has been requested or acknowledged by the creditor during the last ten years period are considered as unclaimed deposits. These include demand deposit, time deposit, pay order, demand draft, etc. Banks/DFIs have surrendered their unclaimed deposits as of December 31, 2009 and 2010 to State Bank of Pakistan.
The SBP is providing continuous access to information on the unclaimed deposits submitted by Banks/DFIs for the benefit of the general public. The lists of unclaimed deposits for the years ended 2009 & 2010 may be accessed at the website of the SBP. The SBP said that all the claimants can apply for refund 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.
In terms of section 31 of Banking Companies Ordinance, 1962, all Banks/DFIs in Pakistan are required to surrender to State Bank of Pakistan (SBP) all those deposits which have not been operated during the period of last ten years, except deposits in the name of a minor or a government or a court of law, as stipulated under Subsection (1) of Section 31 of Banking Companies Ordinance (BCO), 1962, after meeting the conditions as per provisions of law. 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/DFIs while forwarding any claim for refund to SBP will provide legible and duly attested, copies of the specified documents, SBP added.