Monday, May 15, 2023

SBP reminds public of last date for encashment of withdrawn prize bonds

Govt has withdrawn prize bonds of Rs7500, Rs15,000, Rs25,000 and Rs40,000

An undated image of prize bonds. — Online/File
An undated image of prize bonds. — Online/File

As the deadline nears, the federal government on Monday reminded the public to encash the withdrawn prize bonds before June 30. 

“The Federal Government has given another opportunity to the public to get the withdrawn prize bonds of Rs.7500, 15,000, 25,000 and Rs. 40,000 redeemed/encashed by June 30, 2023,” said a statement issued by the State Bank of Pakistan (SBP).

Initially, the government had fixed June 30, 2022, as the deadline for the redemption or encashment of these prize bonds, however, it was extended as some of the prize bond holders could not get their bonds redeemed a final opportunity has been given for encashment of prize bonds till 30th June 2023.

The investors of aforesaid prize bonds have the following options of encashment or exchange.

  • Encashment at Face Value
  • Conversion to Premium Prize Bonds of Rs. 25,000 and/or Rs. 40,000 (Registered)
  • Replacement with Special Savings Certificates (SSC) or Defense Savings Certificates (DSC)

Those seeking to redeem the prize bonds can approach the SBP’s Banking Services Corporation office and branches of commercial banks across the country.