Final chance to encash bearer prize bonds: SBP

Final chance to encash bearer prize bonds: SBP

KARACHI: The final chance has been given to public to exchange or encash bearer prize bonds with various denominations by June 30, 2023.

The State Bank of Pakistan (SBP) in a statement on Wednesday said that the federal government had given another opportunity to the public to get the withdrawn prize bonds of Rs.7500, 15,000, 25,000 and Rs. 40,000 redeemed/encashed by June 30, 2023.

READ MORE: Pakistan-issued prize bonds expire on June 30, 2022

Earlier, the government had fixed deadline of June 30, 2022, for redemption/encashment of these prize bonds, however, considering that some of the prize bond holders could not get their bonds redeemed a final opportunity has been given for encashment of prize bonds till June 30, 2023.

READ MORE: SBP directs banks to accept bearer prize bonds

The investors of aforesaid prize bonds have 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).

READ MORE: Prize bond (bearer) holders given 3 months to document

The prize bonds can be redeemed from SBP Banking Services Corporation office and branches of commercial banks across the country till 30th June 2023. The SBP has issued necessary instructions to commercial banks to accept requests from general public for encashment or exchange of the prize bonds till the extended date.

READ MORE: History of Prize Bonds in Pakistan

The members of general public holding these are encouraged to avail this final opportunity and get their prize bonds redeemed before June 30, 2023. These prize bonds shall not be en-cashable or exchangeable after the expiry of the extended deadline, thereby rendering them worthless.