SBP issues reminder for National Prize Bond encashment

By MG News | Category Economy | December 28, 2024 at 12:36 PM GMT+05:00

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December 28, 2024 (MLN): The State Bank of Pakistan (SBP) has reminded yesterday the public to encash, replace, or convert the National Prize Bonds (NPBs) of Rs40,000, Rs25,000, Rs15,000, and Rs7,500 denominations before the deadline of December 31, 2024.

Earlier, the government had fixed a deadline of June 30, 2024 for encashment / conversion / redemption of captioned denominations of National Prize Bonds (NPBs).

The SBP has issued necessary instructions to commercial banks to accept requests for encashment / conversion / redemption of cited denominations from general public till the extended date.

Additionally, banks are required to submit branch and region wise consolidated data of the specified denomination non-performing banknotes (NPBs) held by them as of the last date, December 31, 2024.

This data must be submitted no later than January 2, 2025.

Moreover, all commercial banks are advised to surrender the cited prize bonds to the respective SBP BSC office no later than January 31, 2025.

All other instructions in this regard shall remain unchanged.

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