business
Wednesday Jan 18 2023
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SBP issues fresh directives for encashment of withdrawn prize bonds

An undated image of a stack of bonds. — Online/File
An undated image of a stack of bonds. — Online/File

Following the approval of the federal government, the State Bank of Pakistan (SBP) announced an extension in the date to redeem withdrawn prize bonds of Rs7,500, 15,000, 25,000, and 40,000.

According to a statement issued by the central bank, "The federal government has given another opportunity to the public to get the withdrawn prize bonds of Rs7,500, 15,000, 25,000 and 40,000 redeemed or encashed by June 30, 2023.” 

Earlier, the government had a fixed deadline of June 30, 2022, for the redemption or encashment of these prize bonds.

However, the central bank said that considering that some of the prize bond holders could not get their bonds redeemed a final opportunity has been given for the encashment of prize bonds till June 30, 2023.

The investors of aforesaid prize bonds can encashment or exchange their bonds in one of these possible ways:

  • Encashment at Face Value
  • Conversion to Premium Prize Bonds of Rs25,000 and/or Rs40,000 (registered)
  • Replacement with Special Savings Certificates (SSC) or Defense Savings Certificates (DSC)

The prize bonds can be redeemed from the SBP Banking Services Corporation office and branches of commercial banks across the country.

“The SBP has issued necessary instructions to commercial banks to accept requests from the general public for encashment or exchange of the prize bonds till the extended date,” the statement read.

Encouraging the general public to avail of this final opportunity, the SBP said these prize bonds shall not be encashable or exchangeable after the expiry of the extended deadline.