State Bank recalls all unclaimed deposits

Published: March 28, 2012

Banks/DFIs asked to surrender deposits idle for 10 years.

KARACHI: The State Bank of Pakistan (SBP) has asked all banks and development financial institutions (DFIs) to surrender all deposits that have not been operated upon during the last ten years – except deposits in the name of a minor, a government entity or a court of law – as stipulated under Subsection (1) of Section 31 of the Banking Companies Ordinance, 1962.

Unclaimed deposits and instruments in Pakistani Rupees and foreign currencies are required to be surrendered during the first week of April each calendar year, along with a list of unclaimed deposits and instruments.

In order to streamline the process of acquisition of unclaimed deposits data, it has been decided to obtain unclaimed data in database format through the Data Acquisition Portal 4 (DAP4), the primary gateway for data acquisition for SBP.  Banks and DFIs have been advised to ensure submission of unclaimed deposits data by April 07, 2012 or the next working day.  Further, Banks and DFIs may deposit cheques and debit advises equal to unclaimed deposits on the next working day, if data is submitted on the last due date.

Published in The Express Tribune, March 28th, 2012.

More in Business