Karachi October 4 2024: The Government of Pakistan extended the last date for encashment, conversion or replacement of withdrawn prize bonds of Rs40,000, Rs25,000, Rs15,000 and Rs7,500 denominations up to December 31, 2024.
The State Bank of Pakistan’s Banking Services Corporation advised all commercial banks to accept requests for encashment, conversion or redemption of cited denominations from general public at all branches till the extended date.
The Rs. 40,000, Rs. 25,000, Rs. 15,000 and Rs. 7,500 denomination National Prize Bonds (bearer) were withdrawn from circulation in June 2019. However, the government has kept extending the deadline to facilitate the holders of the withdrawn bonds.
For the last time, the Finance Department has fixed June 30, 2024 as the final date for the purpose but for another time the last date of encashment, conversion or replacement of the mentioned denominations of the bonds was extended up to December 31, 2024.
The investors of aforesaid prize bonds have three options i.e. Encashment at Face Value; Conversion to registered Premium Prize Bonds; or Replacement with Special or Defense Savings Certificates (SSC and DSC).
The prize bonds can be redeemed from SBP Banking Services Corporation office and branches of commercial banks across the country till the final date.
As the discontinued prize bonds could not be en-cashed or exchanged after the expiry of the extended deadline, rendering them worthless, the general public holding these bonds is encouraged to avail this final opportunity and get their holdings redeemed before the deadline of December 31, 2024.
