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 upon 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),
In order to facilitate Banks/DFIs, instructions on the
subject relating to definition, reporting, surrendering
of unclaimed deposits, issuance of notice to the account
holder, insertion of information in account opening form
and procedure for refund of unclaimed deposits, etc issued
since 1968 till to date have been reviewed and consolidated
DEFINITION OF UNCLAIMED DEPOSIT / INSTRUMENT
debt payable either in Pakistani currency or any other
(foreign) currency is owing by a banking company by
reason of a deposit (time/demand deposit, or any other
kind of deposit) or a financial instrument (pay slips
/ pay orders / D.Ds / T.Ts / M.Ts, or any other financial
instrument), not being recorded in the name of a minor
or a government or a court of law, in respect of which
no transaction has taken place and no statement of account
has been requested or acknowledged by the creditor during
a period of ten years as reckoned under Subsection(1)
of Section 31 of BCO 1962, will be classified as unclaimed
REPORTING OF UNCLAIMED DEPOSITS/ INSTRUMENTS
Banks/DFIs will submit branch wise list of unclaimed
deposits / instruments separately for Pak Rupee (PKR)
and in foreign currency (FCY) on Form-XI (enclosed as
Annexure-A) through soft copy (in MS-Excel format) as
well as authenticated hard copy of the same within thirty
days after the close of each calendar year.
SURRENDER OF UNCLAIMED DEPOSIT
The amount of unclaimed PKR & FCY deposits/instruments
will be surrendered during the first week of April of
each calendar year along with a list of unclaimed deposits/instruments,
which have been refunded by Banks/DFIs during the period
i.e. from the date of reporting the unclaimed PKR &
FCY deposits/instruments at the end of each calendar
year and date of surrender of the outstanding amount
thereof to SBP.
b) The Banks/DFIs will surrender the outstanding amount
of the unclaimed FCY deposits / instruments through
SBP nostro accounts maintained in any one of the six
currencies namely US dollar-USD, Japan Yen-JPY, Euro-Eur,
British Pound-GBP, Swiss Franc-CHF, United Arab Emirates
Unclaimed FCY deposit/instrument maintained in other than
the aforesaid six currencies will be surrendered by converting
the same into US dollar.
In case of Frozen FCY deposits/instruments of 1998,
as and when become unclaimed, the Banks/DFIs will surrender
the equivalent PKR to SBP
NOTICE TO THE HOLDER OF UNCLAIMED DEPOSIT/INSTRUMENT
All Banks/DFIs upon completion of a ten-year time period
as stipulated in relevant provision of BCO, shall serve
a three-month notice in writing by registered post acknowledgement
due to the creditor or the beneficiary of the deposit/instrument
on his/her address last made known to the banking company.
Banks/DFIs are required to maintain complete record
of letter/envelope etc. posted at the address of the
unclaimed deposit/instrument holder, at their respective
branches as per the format enclosed (Annexure-B).
Apart from giving a notice to the respective account
holder at the end of ten year period, Banks/DFIs should
also make cognizable effort from time to time to contact
such account holders where there has been no activity
in the respective accounts for a considerable period.
Banks/DFIs would be required to intimate in-writing
to the government departments/agencies, court of law
and minors (after acquiring the age of maturity) for
settlement of their deposits/instruments lying with
them for more than ten years.
PRESERVATION OF DOCUMENTS
shall continue to preserve all signature cards and documents
indicating “signing authorities” given to
them and other documents relating to the debt or instrument
until it is informed by SBP in writing that they need
not be preserved any longer.
INFORMATION IN ACCOUNT OPENING FORM (AOF)
shall insert a clause in “bold words” in their
respective AOF indicating that a deposit/instrument, which
remains inoperative for a period of ten years, shall become
unclaimed and will be surrendered to SBP as per the provisions
of BCO. The existing account holders should also be informed
about the same through a letter to be sent with the bi-annual
statement of account or any other methods as deem feasible
by the Bank/DFI.
PROCEDURE FOR REFUND OF UNCLAIMED DEPOSIT SURRENDERED
while forwarding any claim for refund will provide legible
and duly attested, copies of the following documents
Original application for refund along with verification
of attested signature/thumb impression of the claimant
by the concerned branch manager with name and stamp.
Claimant’s address and contact number (if any)
should be ensured in the application.
ii. Copy of three months notice served by the Banks/DFIs
on the holder of the unclaimed deposit/instrument.
iii. Attested copy of Computerized National Identity
Card (CNIC) of the claimant.
iv. Certificate as per enclosed format (Annexure-C).
v. Copy of relevant page of record furnished to SBP.
vi. Succession certificate in case of deceased customer.
BRD Circular No.21 dated 23rd December, 1992
• Circular Letter No. BPRD (RU-52)377/x/327/98 dated
6th January, 1998
• Circular Letter No. BPD(PU-08/317-(policy)/8675/2002
dated 24th Dec, 2002
• Circular Letter No. BPD (PU-08)/317(policy)/15942/2003
dated 18th Dec,2003
• Circular Letter No.BPD (PU-08)/317(Policy)/16079/2003
dated 22nd Dec, 2003
• BPD Circular No.26 dated 11th October, 2005