State Bank Warns Public to Encash Old Prize Bonds by June 30
The State Bank of Pakistan (SBP) has reminded residents that the withdrawn prize bonds of Rs. 7,500, Rs. 15,000, Rs. 25,000, and Rs. 40,000 must be encashed/redeemed by 30 June 2023.
Previously, the government established a June 30, 2022, deadline for the redemption/encashment of these prize bonds; due to the inability of some prize bond holders to get their bonds used, a last chance for prize bond encashment has been extended until June 30, 2023.
Investors in those mentioned prize bonds have the following redemption or exchange options:
- 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 swapped at the SBP Banking Services Corporation headquarters and commercial bank branches across the nation till June 30, 2023, according to the central bank. The SBP has directed commercial banks to accept public requests for prize bond encashment or exchange until the due date.
The general public is recommended to take advantage of this final opportunity to redeem their bonds before June 30. After the deadline, these reward bonds will be useless.