The State Bank of Pakistan (SBP) announced Monday that the Federal Government has extended the deadline for redemption of unregistered prize bonds until June 30, 2023.
The extension has been granted for prize bond holders who were unable to redeem their bonds before the initial deadline of June 30, 2022. This announcement has come as a relief to thousands of Pakistanis who hold these prize bonds.
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The SBP has provided various options for prize bond holders to redeem their bonds. Holders can either encash their bonds at face value or convert them to premium prize bonds of Rs. 25,000 and/or Rs. 40,000 (registered). Additionally, they can also opt to replace their prize bonds with Special Savings Certificates (SSC) or Defense Savings Certificates (DSC).
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The SBP has issued necessary instructions to commercial banks to accept requests from the general public for encashment or exchange of the prize bonds until the extended deadline.
Redemption of these prize bonds can be done at SBP Banking Services Corporation offices and branches of commercial banks across Pakistan until June 30, 2023. The State Bank of Pakistan encourages the public to take advantage of this final opportunity to redeem their prize bonds before the deadline, as these bonds will be rendered worthless after the extended deadline.
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Prize bonds are a popular form of investment in Pakistan, as they offer a chance to win big cash prizes. However, the process of redeeming these bonds can often be confusing for many Pakistanis, leading to a significant number of unclaimed prize bonds each year. This extension of the deadline is a step towards making the process easier for prize bond holders who were unable to redeem their bonds before the initial deadline.
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In conclusion, the extension of the deadline for redemption of unregistered prize bonds until June 30, 2023, is a welcome relief for many Pakistanis who hold these bonds. The SBP has provided various options for redemption, and the public is encouraged to take advantage of this final opportunity to redeem their prize bonds before the extended deadline.
