After federal government clearance, the SBP extended the encashment date or withdrew prize bonds of Rs7,500, 15,000, 25,000, and 40,000 and issued new guidelines.
The central bank stated, “The federal government has given another option to the public to get the withdrawn prize bonds of Rs7,500, 15,000, 25,000 and 40,000 redeemed or encashed by June 30, 2023.”
The government has a June 30, 2022, deadline for prize bond redemption or encashment. However, the central bank claimed that as certain prize bond holders could not redeem their bonds, a final chance was offered until June 30, 2023.
Prize bond investors can encash 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 Defense Savings Certificates (DSC)
SBP Banking Services Corporation and commercial bank branches nationwide redeem prize bonds.
The statement said the SBP had instructed commercial banks to accept public requests for prize bond encashment or Exchange until the extended date.
After the extended deadline, these reward bonds will no longer be encashable or exchangeable, the SBP added, encouraging the people to take advantage.
