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Saturday 24 February, 2024
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SBP issues clarification regarding encashment of withdrawn prize bonds

BY Faizan Ahmed Jan 18, 2023. 02:51 pm UPDATED: Jan 18, 2023. 02:51 pm

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The State Bank of Pakistan (SBP) issued an extension in the date to redeem withdrawn prize bonds of Rs7,500, 15,000, 25,000, and 40,000 after receiving consent from the federal government.

The federal government has offered the public another chance to redeem or pay in the withdrawn prize bonds worth Rs. 7,500, 15,000, 25,000, and 40,000 by June 30, 2023, according to a statement released by the central bank.

The government had set a deadline of June 30, 2022, for the redemption or encashment of these reward bonds.

The central bank stated that a final opportunity has been granted for the encashment of prize bonds until June 30, 2023, taking into account the fact that certain prize bond holders were unable to have their bonds redeemed.

Investors in the aforementioned prize bonds have a few different options for cashing out or exchanging their bonds:

  • 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)
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The SBP Banking Services Corporation office and branches of commercial banks all around the nation are where the prize bonds can be redeemed.

“The SBP has issued necessary instructions to commercial banks to accept requests from the general p

ublic 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.

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