SBP discontinues sale of Rs 25,000 Prize Bonds

December 10, 2020 (MLN): State bank of Pakistan (SBP) has halted the sale of Rs 25,000 denomination prize bonds with immediate effect. The National Prize Bonds will not be encashed or redeemed after 31^st May 2021.

According to the notification issued by SBP, cash payment for encashments of cited bonds is NOT allowed. However, the bondholder(s) shall have the following options to replace or encash these bonds

The bonds can be converted to Rs 25,000 denomination Premium bonds (Registered)  through the16 field offices of SBP Banking Services Corporation, and branches of six authorized commercial banks i.e. National Bank of Pakistan, Habib Bank Limited, United Bank Limited, MCB Bank Limited, Allied Bank Limited and Bank Alfalah Limited.

The authorized commercial banks shall also issue Rs. 25,000 denomination Premium Prize Bonds (Registered) as per the prescribed procedure, with immediate effect.

The bondholder shall be required to submit a written request and prescribed application form attached at Annexure A for the conversion of bearer bonds to Rs. 25,000 Premium Prize Bonds (Registered).

As per the notice, the Bonds can be replaced with Special Savings Certificate (SSC) or Defence Savings Certificate (DSC) through the 16 field offices of SBP Banking Services Corporation, authorized commercial banks and National Savings Centers.

Moreover, the Bonds will only be encashed by transferring the proceeds to the bond holder's bank account through the 16 field offices of SBP Banking Services Corporation, at authorized commercial bank branches and to the Savings Accounts at National Savings Centres, the notification said.

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