Last date to encash withdrawn prize bonds extended

KARACHI: The State Bank of Pakistan (SBP) on Monday said that it extended the encashment of prize bonds up to June 30, 2023.

The federal government has given another opportunity to the public to get the withdrawn prize bonds of Rs7,500, Rs15,000, Rs25,000 and Rs40,000 redeemed/encashed by June 30, 2023.

Earlier, the government had fixed the deadline of June 30, 2022, for redemption/encashment of these prize bonds. However, considering that some of the prize bondholders could not get their bonds redeemed, a final opportunity has been given for encashment of prize bonds till June 30, 2023. The investors of aforesaid prize bonds have been following options of encashment or exchange.

a Encashment at face value

b. Conversion to premium prize bonds of Rs25,000 and/or Rs40,000 (Registered)

c. Replacement with the special savings certificates (SSC) or defence savings certificates (DSC)

The prize bonds can be redeemed from the SBP Banking Services Corporation office and branches of the commercial banks across the country till June 30, 2023. The central bank has issued necessary instructions to the commercial banks to accept requests from the general public for encashment or exchange of the prize bonds till the extended date.

The general public holding these bonds has been encouraged to avail this final opportunity and get their holdings redeemed before June 30, 2023.

These prize bonds would not be en-cashable or exchangeable after the expiry of the extended deadline; thereby, rendering them worthless.