The timeframe for redeeming withdrawn prize bonds of Rs7,500, 15,000, 25,000, and 40,000 was extended on Tuesday by the State Bank of Pakistan (SBP), with the agreement of the federal government.
“The federal government has given another opportunity to the public to get the withdrawn prize bonds of Rs7,500, 15,000, 25,000 and 40,000 redeemed by June 30, 2023,” a statement issued by the central bank read.
It should be noted that 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:
The prize bonds can be redeemed from the SBP Banking Services Corporation office and branches of commercial banks across the country.
“Investors of aforesaid prize bonds have following options of encashment or exchange. a. Encashment at Face Value b. Conversion to Premium Prize Bonds of Rs. 25,000 and/or Rs. 40,000 (Registered) c. Replacement with Special Savings Certificates (SSC) or Defense Savings Certificates (DSC).”
“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.
