THE State Bank of Pakistan (SBP) recently issued a public notice with respect to un-

claimed deposits in banks. The magnitude and the volume of unclaimed deposits would not have grown humongous had the regulators and the banks kept a close liaison with their customers and followed the laid down standard operating procedures (SOPs).

As per banking practices, customers furnish the details of the next of kin while opening their bank account. Is there an exercise undertaken to contact the next of kin to verify the whereabouts of the customers before unilaterally closing the account and transferring money to SBP as unclaimed funds? My sister had lodged an application for a refund of unclaimed deposit with a bank branch in Islamabad some four years ago. She is still waiting for a response.

An exercise, though indeed painstaking, needs to be undertaken by the SBP in collaboration with the National Database and Registration Authority (Nadra) to confirm the existence or otherwise of all the account holders whose deposits happen to be lying with the central bank.

The assignment could be outsourced, if needed. In case the account holder has died, the unclaimed deposit in the said account should be refunded to the legal heirs through a public announcement. In case no trace is found, the amount should be donated to some charity organisation as is the practice in some other countries.

Khaled

Islamabad

Published in Dawn, November 11th, 2026