How to Claim Your Unclaimed Lifafa in Pakistan

Introduction

In Pakistan, many people are unaware that they might have money lying dormant in banks or financial institutions—commonly referred to as “unclaimed lifafa.” These are deposits, fixed accounts, or other financial instruments that have not been touched for years, often due to inactivity, change of address, or the death of the account holder.

The State Bank of Pakistan (SBP) has established a clear mechanism to protect these funds and allow rightful owners or heirs to reclaim them. Recovering unclaimed lifafa is not only a way to access forgotten money but also a means to ensure financial transparency and proper record-keeping.

With a systematic approach, anyone can check whether they or their relatives have unclaimed funds and follow a structured process to recover them. This guide will provide a comprehensive, step-by-step explanation for identifying, verifying, and claiming unclaimed lifafa safely and efficiently.

What Is an Unclaimed Lifafa?

An unclaimed lifafa refers to any bank deposit or financial instrument, such as savings accounts, fixed deposits, cheques, or drafts, that has remained dormant for an extended period, usually ten years or more. These funds are considered unclaimed when there has been no activity—like withdrawals, deposits, or acknowledgments—during this period. Banks are required to transfer these dormant funds to the State Bank of Pakistan for safekeeping.

This ensures that money is not lost permanently and can be reclaimed by legitimate account holders or their heirs. Unclaimed lifafa can include old savings accounts, unpaid dividends, or forgotten fixed deposits, often overlooked due to relocation, branch closures, or unawareness of banking procedures.

Why Funds Become Unclaimed

Funds typically become unclaimed due to a variety of reasons:

Dormant Accounts: Accounts with no transactions for a decade or more are marked dormant and eventually unclaimed.
Old Financial Instruments: Fixed deposits, cheques, and drafts that were never encashed or renewed become unclaimed over time.
Deceased Account Holders: Money left behind in accounts may remain unclaimed if heirs are unaware or have not initiated the claim process.
Bank Mergers or Closures: Branch closures or bank mergers can make it difficult for account holders to access funds, leading to unclaimed balances.
Neglected Notifications: Many people fail to update contact information, causing bank notices to go undelivered.

How to Check If You Have an Unclaimed Lifafa

Checking for unclaimed funds is straightforward if approached systematically:

Obtain the Unclaimed Deposit List: The State Bank publishes a list of unclaimed deposits by year.
Search by Name or CNIC: Open the list and search for your name, CNIC, or address to see if there is a match.
Identify Relevant Entries: Look carefully for entries that correspond to you or your deceased relatives. Make a note of the account number, instrument type, and amount.

By carefully examining these lists, individuals can identify whether they have any funds that need to be reclaimed.

Step-by-Step Process to Claim Unclaimed Lifafa

Once you verify that you appear on the unclaimed list, you can proceed with claiming your funds.

Step 1: Visit the Relevant Bank Branch

Go to the branch where the account or instrument was originally held. If the branch has closed or merged, approach the nearest branch of the same bank or the acquiring bank.

Step 2: Prepare Required Documents

Depending on whether the account holder is alive or deceased, documents may include:

For the Account Holder:
- Application form for refund
- Copy of CNIC or valid identification
For Deceased Account Holder:
- Death certificate
- Succession certificate or indemnity bond signed by legal heirs
- CNICs of all heirs

Ensuring that documents are accurate and complete helps avoid delays in processing.

Step 3: Submit the Claim

Submit the application and all required documents to the bank. The branch will verify your identity and the claim details. Once confirmed, the branch forwards the claim to the State Bank for approval.

Step 4: Processing by the State Bank

The State Bank verifies the claim and approves the release of funds. After verification, the bank credits the money to your account.

Step 5: Online Refund System (Optional)

Banks now use an online approval system to process claims digitally, reducing paperwork and speeding up the refund process. Claimants may need to cooperate with the bank for document verification and submission.

Special Considerations for Heirs

Legal heirs can claim unclaimed lifafa of a deceased account holder. For smaller amounts, the succession process is simplified through indemnity bonds, avoiding the need for a court-issued succession certificate. All legal heirs typically need to consent and provide identification to ensure transparency and fairness in the claim process.

Importance of Claiming Unclaimed Lifafa

Recover Forgotten Money: Unclaimed lifafa may represent significant sums that can benefit you or your family financially.
Ensure Financial Transparency: Regularly checking for unclaimed funds helps maintain clear financial records.
Protect Funds from Loss: Unclaimed money transferred to the State Bank remains safe until claimed, preventing misuse or permanent loss.
Simplified Legal Framework: The State Bank provides clear guidelines and procedures for a hassle-free claim process.

Risks and Challenges

Incomplete Records: Incorrect information, such as a changed name or outdated CNIC, can complicate the claim process.
Branch Closures or Mergers: Identifying the correct branch for filing a claim may take time.
Documentation Errors: Mismatched or missing documents may lead to rejection of the claim.
Time-Sensitive Process: Claims should be initiated promptly to avoid complications, as prolonged inactivity could delay processing.

Tips for a Smooth Claim Process

Double-check all personal and account details before submitting a claim.
Gather all necessary documents in advance to avoid repeated visits.
Keep copies of every form and certificate submitted for your records.
Consult the bank branch if there is any confusion regarding the claim process.
Track your claim regularly, whether online or in-person, until funds are received.

Conclusion

Unclaimed lifafas represent a valuable opportunity for individuals and families to reclaim forgotten funds. Whether the funds belong to you or a deceased relative, the process is straightforward when approached systematically. By checking the unclaimed deposit lists, preparing the correct documentation, and following the step-by-step procedures provided by banks and the State Bank of Pakistan, you can successfully recover dormant funds. This not only improves personal financial health but also contributes to transparency and accountability within the banking system. Additionally, heirs can benefit from simplified processes for smaller amounts, ensuring that funds are distributed fairly.

Regularly reviewing your financial accounts and monitoring potential unclaimed funds can prevent money from remaining dormant unnecessarily. Taking action today to claim your unclaimed lifafa ensures that your resources are fully utilized and safeguarded for you and your family, turning forgotten deposits into accessible, usable assets.

FAQs

How can I check if I have an unclaimed lifafa?
Download the unclaimed deposit list from the State Bank and search for your name, CNIC, or address.
What documents are needed to claim unclaimed lifafa?
A signed application, identification documents, and, for deceased account holders, death certificates and succession documentation.
Can heirs claim funds of a deceased person?
Yes, heirs can claim unclaimed funds. For small amounts, succession certificates may not be required.
Where should I submit my claim?
Claims should be submitted at the bank branch where the account was held or at the nearest branch of the same bank if the original branch is closed.
Is there an online system for claiming unclaimed funds?
Many banks now use digital systems to process claims, making the process faster and more efficient.