The Last Date for Encashment of Withdrawn Prize Bonds Extended

The Last Date for Encashment of Withdrawn Prize Bonds Extended

The State Bank of Pakistan has extended the last date for the encashment of withdrawn prize bonds until June 30, 2023. This extension applies to all bearer prize bonds of Rs. 7,500/-, Rs. 15,000/-, Rs. 25,000, and Rs. 40,000/-  that were withdrawn from circulation on or before March 31, 2019.

 

 

 

 

According to the State Bank of Pakistan, this extension has been granted due to the difficulties faced by the public in encashing their withdrawn prize bonds during the COVID-19 pandemic. The extension will allow more time for holders of withdrawn prize bonds to encash their bonds at designated branches of commercial banks or the field offices of the National Savings Centers across the country.

It is important to note that after the extended deadline of June 30, 2023, the withdrawn prize bonds will no longer be encashable and will become invalid. Therefore, it is recommended that holders of withdrawn prize bonds avail of this opportunity to encash their bonds before the deadline.

The Federal Government has given another opportunity to the public to get the withdrawn prize bonds of Rs.7500, 15,000, 25,000, and Rs. 40,000 redeemed/encashed by June 30, 2023. Earlier, the government had fixed a deadline of June 30, 2022, for the redemption/encashment of these prize bonds, however, considering that some of the prize bond holders could not get their bonds redeemed a final opportunity has been given for encashment of prize bonds till 30th June 2023. The investors of aforesaid prize bonds have the following options of encashment or exchange.

• Encashment at Face Value
• Conversion to Premium Prize Bonds of Rs. 25,000 and/or Rs. 40,000 (Registered)
• Replacement with Special Savings Certificates (SSC) or Defense Savings Certificates (DSC)

The prize bonds can be redeemed from the SBP Banking Services Corporation office and branches of commercial banks across the country till 30th June 2023. The SBP has issued necessary instructions to 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 is encouraged to avail this final opportunity and get their holdings redeemed before 30th June 2023. These prize bonds shall not be encashable or exchangeable after the expiry of the extended deadline, thereby rendering them worthless.

The Last Date for Encashment of Withdrawn Prize Bonds Extended

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