SBP reminds citizens to encash withdrawn prize bonds by June 30, 2023

June 15, 2023 (MLN): The State Bank of Pakistan (SBP) on Thursday reminded the general public to get the withdrawn prize bonds of Rs7500, 15,000, 25,000, and Rs40,000 redeemed/encashed by June 30, 2023.

"The federal government has given another opportunity to the public to get the withdrawn prize bonds of Rs.7500, 15,000, 25,000 and Rs. 40,000 redeemed/encashed by June 30, 2023," said a press release issued by the SBP.

Earlier, the government had fixed a deadline of June 30, 2022, for the 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.

The investors of aforesaid prize bonds have the following options of encashment or exchange.

a. Encashment at Face Value

b. Conversion to Premium Prize Bonds of Rs. 25,000 and/or Rs. 40,000 (Registered)

c. Replacement with Special Savings Certificates (SSC) or Defense Savings Certificates (DSC)

The prize bonds can be redeemed from SBP Banking Services Corporation office and branches of commercial banks across the country till 30th June 2023. 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.

The general public holding these bonds is encouraged to avail this final opportunity and get their holdings redeemed before 30th June 2023.

These prize bonds shall not be en-cashable or exchangeable after the expiry of the extended deadline, thereby rendering them worthless.

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