Last date to redeem bearer prize bonds extended: SBP

Last date to redeem bearer prize bonds extended: SBP

KARACHI: The State Bank of Pakistan (SBP) on Tuesday said that the last date to redeem bearer prize bonds has been extended considering the hardship of bond holders.

The central bank in a statement said that the federal government has given another opportunity to the public to get the withdrawn prize bonds of Rs.7500, 15,000, 25,000 and Rs. 40,000 redeemed/encashed by June 30, 2023.

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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 30th June 2023.

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)

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The prize bonds can be redeemed from SBP Banking Services Corporation office and branches of commercial banks across the country till June 30, 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.

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The general public holding these bonds is encouraged to avail this final opportunity and get their holdings 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.

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