Free-of-charge SoAs to be dispatched for dormant accounts
January 6, 2010 |13:26 | Gossips By : Team X
The State Bank of Pakistan has revised and amended its instructions with regard to issuance of statement of account (SoA) asking banks to ensure that no ‘Service Charges’ are deducted from accounts, which have been marked as ‘dormant’.
According to a Circular (BPRD Circular No. 2) issued on Tuesday, in case an account has become dormant as per the approved policy of the banks, dispatch of statement of accounts be stopped till such time the accounts are reactivated or new address is made available/obtained by the bank.
It said the banks are required to dispatch free-of-charge statements of accounts to their account holders having a closing balance of less than Rs 10,000 at least once in a calendar year. The statement shall be sent within one month from the close of calendar year i.e. by 31st January, it added.
The statement of accounts of account holders having a closing balance exceeding Rs 10,000 shall, however, be sent either through a courier company or express post services of Pakistan Post. Similarly, banks are also required to make arrangements with the delivery companies for confirmation of dispatch of all statement of accounts to the account holders and proper record of dispatch should be maintained, the Circular added.
According to the Circular, the banks shall ensure that statement of accounts being dispatched is legible, clear and printed in an appropriate size of font. Where statement of account is undelivered, the banks may make all efforts to update address of the account holders. It said the banks may charge a maximum of Rs 35 for each duplicate/additional statement of account. Earlier, banks were allowed to charge a maximum of Rs 50 for duplicate/additional statement of account.
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