SBP reminds citizens to encash withdrawn prize bonds by June 30

SBP reminds citizens to encash withdrawn prize bonds by June 30. The State Bank of Pakistan (SBP) said on Monday that citizens could encash or redeem their withdrawn prize bonds of Rs7,500, Rs15,000, Rs25,000 and Rs40,000 by June 30.

The investors of aforesaid prize bonds have the following options of encashment or exchange:

• Encashment at face value
• Conversion to premium prize bonds of Rs25,000 and/or Rs40,000 (Registered)
• Replacement with Special Savings Certificates (SSC) or Defence Savings Certificates (DSC)

The government had earlier 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 June 30, 2023,” the central bank said in a statement.

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The central bank statement added that the prize bonds can be redeemed from the SBP Banking Services Corporation office and branches of commercial banks across the country.

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 statement said.

It encouraged the general public to avail the final opportunity, saying these prize bonds would not be encashable or exchangeable after the expiry of the extended deadline and would be rendered worthless.