The withdraw prize bonds of Rs. 7,500, Rs. 15,000, Rs. 25,000, and Rs. 40,000 must be cashed or redeemed before June 30, 2023, according to a new reminder from the State Bank of Pakistan (SBP).
The government had previously established a June 30, 2022, cutoff date for the redemption/encashment of these prize bonds; however, because certain prize bond holders were unable to get their bonds redeemed, a last window for encashment has been extended until June 30, 2023.
The following alternatives for redemption or exchange are available to investors in the aforementioned prize bonds:
- 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)
According to the central bank, the prize bonds can be exchanged at the SBP Banking Services Corporation office and commercial bank branches across the country until June 30, 2023. The SBP has issued instructions to commercial banks to accept public requests for encashment or exchange of prize bonds until the due date.
It is recommended that everyone who has these bonds take advantage of this last chance to redeem them before June 30. After the deadline, these reward bonds will no longer have any value.
