The State Bank of Pakistan (SBP) has reiterated its call to the public to encash, replace, or convert National Prize Bonds (NPBs) of denominations Rs 40,000, Rs 25,000, Rs 15,000, and Rs 7,500 before the final deadline of December 31, 2024.
This reminder serves as the last opportunity for individuals holding these prize bonds to comply with the government’s policy.
Previously, the government had set a deadline of June 30, 2024, for the encashment, redemption, or conversion of these prize bonds. However, the deadline was later extended to facilitate the general public. The SBP has now confirmed that no further extensions will be granted beyond the current cutoff date.
The SBP has instructed commercial banks to process encashment, conversion, and redemption requests for these prize bonds until the specified deadline. Public participants holding these bonds are urged to act promptly to avoid forfeiture.
In addition to facilitating customers, the SBP has directed all commercial banks to compile and submit consolidated branch and region-wise data on the specified prize bond denominations that remain unencashed by December 31, 2024. This consolidated data must be submitted to the SBP no later than January 2, 2025.
Furthermore, commercial banks are required to surrender the remaining prize bonds of the cited denominations to the respective SBP Banking Services Corporation (BSC) office by January 31, 2025. The SBP emphasized that all other related instructions and procedures for prize bond management will remain unchanged.
The prize bond scheme has historically been a popular savings instrument in Pakistan, offering the allure of monetary rewards through prize draws. However, the government’s decision to phase out certain denominations is aimed at streamlining the financial system and reducing the risk of money laundering and undocumented wealth.
The SBP advises prize bondholders to visit their nearest commercial bank branches well before the deadline to avoid any last-minute inconvenience. The reminder underscores the importance of timely action to secure the value of these prize bonds, as no transactions will be entertained after the stipulated date.
This marks a critical transition in the management of prize bonds, with the SBP encouraging the public to stay informed and comply with the updated regulations.
