Karachi, June 15, 2023 – The State Bank of Pakistan (SBP) has issued a reminder to investors holding bearer prize bonds, stating that they have only 15 days left to redeem their bonds.
In a bid to accommodate those who missed the earlier deadline, the federal government has extended the redemption period for the withdrawn prize bonds of Rs.7500, 15,000, 25,000, and 40,000 until June 30, 2023.
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Initially, the government had set June 30, 2022, as the deadline for redeeming these prize bonds. However, recognizing the circumstances faced by some bondholders, the government has provided a final opportunity to encash their prize bonds by June 30, 2023.
Investors holding these prize bonds are presented with the following options for encashment or exchange:
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a. Encashment at Face Value: Investors can simply redeem their prize bonds at their face value.
b. Conversion to Premium Prize Bonds: Bondholders have the choice to convert their bearer prize bonds into Premium Prize Bonds of Rs. 25,000 and/or Rs. 40,000, which are registered and offer additional benefits.
c. Replacement with Special Savings Certificates or Defense Savings Certificates: Alternatively, bondholders may opt to replace their prize bonds with Special Savings Certificates (SSC) or Defense Savings Certificates (DSC).
To facilitate the redemption or exchange process, the prize bonds can be redeemed at the SBP Banking Services Corporation office or at branches of commercial banks nationwide until June 30, 2023. The SBP has issued instructions to commercial banks to accept requests from the general public for encashment or exchange of the prize bonds until the extended date.
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The general public holding these bearer prize bonds is strongly encouraged to seize this final opportunity and redeem their holdings before June 30, 2023. It’s crucial to note that after the expiry of the extended deadline, these prize bonds will become non-redeemable and non-exchangeable, rendering them worthless.
With only 15 days remaining, investors are urged to take immediate action and redeem their bearer prize bonds or explore the available options for encashment or exchange. Don’t miss out on this final chance to recover the value of your investments. Visit the SBP Banking Services Corporation office or your nearest commercial bank branch today to ensure you do not lose out on your rightful rewards.
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