SBP gives ‘last chance’ for exchange of withdrawn prize bonds

F.P. Report

KARACHI: The State Bank of Pakistan (SBP) on Friday gave a last opportunity to the holders of prize bonds of Rs7,500, 15,000, 25,000, and 40,000 redeemed or encashed until June 30, 2023.

“Earlier, the government had fixed deadline of June 30, 2022, for 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,” stated the SBP in a press release.

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

The SBP went on to state that “The investors of aforesaid prize bonds have following options of encashment or exchange; encashment at face value; conversion to premium prize bonds of Rs. 25,000 and/or Rs. 40,000 (Registered); and 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, the SBP said.