Govt extends date for encashment of prize bonds

The State Bank of Pakistan (SBP) on Wednesday announced an extension for the encashment and redemption of the withdrawn prize bonds of Rs7500, Rs15,000, Rs25,000, and Rs40,000. 

The date for the encashment of the prize bonds has been extended to June 30, 2023, a statement issued by the SBP said. 

“Earlier, the government had fixed a deadline of June 30, 2022, for 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,” it said. 

The investors of aforesaid prize bonds can encash or exchange their bonds in one of these possible ways:

• 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 statement added that the prize bonds can be redeemed from the SBP Banking Services Corporation office and branches of commercial banks across the country till June 30.

“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,” it said. 

Encouraging the general public to avail of this final opportunity, the SBP said these prize bonds shall not be en-cashable or exchangeable after the expiry of the extended deadline.