Karachi, June 26, 2023 – The State Bank of Pakistan (SBP) issued a warning on Monday, stating that prize bonds will become worthless if not encashed before June 30, 2023.
The SBP clarified that the federal government has provided another opportunity for the public to redeem/encash withdrawn prize bonds of denominations Rs. 7,500, 15,000, 25,000, and 40,000 by the specified deadline.
Initially, the government had set a redemption/encashment deadline of June 30, 2022, for these prize bonds. However, recognizing that some bondholders were unable to redeem their bonds, a final opportunity has been given to encash them until June 30, 2023.
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Investors holding the aforementioned prize bonds have three options for encashment or exchange:
a. Encashment at face value
b. Conversion to Premium Prize Bonds of Rs. 25,000 and/or Rs. 40,000 (registered)
c. Replacement with Special Savings Certificates (SSC) or Defense Savings Certificates (DSC)
Prize bonds can be redeemed at the SBP Banking Services Corporation office and branches of commercial banks nationwide until June 30, 2023. The SBP has instructed commercial banks to accept requests from the general public for encashment or exchange of prize bonds until the extended date.
The SBP urges individuals holding these bonds to take advantage of this final opportunity and redeem their holdings before June 30, 2023. After the extended deadline, these prize bonds will not be encashable or exchangeable, rendering them worthless.
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