In a significant development, the Federal Government has announced an extension to the deadline for the redemption of prize bonds, State Bank of Pakistan (SBP) said on Monday.
The public now has until June 30, 2023, to encash their withdrawn prize bonds of Rs. 7,500, 15,000, 25,000, and Rs. 40,000. This decision comes as a compassionate measure to accommodate those who were unable to redeem their bonds before the previous deadline of June 30, 2022.
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The government has outlined several options for the holders of these prize bonds to facilitate the encashment or exchange process. Firstly, individuals can choose to encash their bonds at face value. Alternatively, they can opt for conversion to Premium Prize Bonds of Rs. 25,000 and/or Rs. 40,000, which are registered. Lastly, holders have the option to replace their prize bonds with Special Savings Certificates (SSC) or Defense Savings Certificates (DSC).
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To ensure accessibility, the prize bonds can be redeemed at the SBP Banking Services Corporation office and branches of commercial banks throughout the country. The State Bank of Pakistan (SBP) has issued necessary instructions to commercial banks, urging them to accept requests from the general public for encashment or exchange of the prize bonds until the extended deadline.
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The government encourages all individuals holding these prize bonds to seize this final opportunity and redeem their holdings before the new deadline of June 30, 2023. It is important to note that these prize bonds will become worthless and non-redeemable once the extended deadline expires.
This extension demonstrates the government’s commitment to addressing the concerns of prize bond holders and ensuring fairness in the redemption process. It allows ample time for individuals to avail themselves of this opportunity and convert their prize bonds into valuable assets or receive their rightful funds.
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The Federal Government urges all eligible individuals to take advantage of this extended redemption period and avoid any potential loss resulting from the expiration of the deadline. For further information and guidance, individuals can reach out to SBP Banking Services Corporation and their respective commercial bank branches. Stay tuned for more updates on this development as the new deadline approaches.
