The State Bank of Pakistan (SBP) has approved an extension in the deadline to redeem withdrawn prize bonds of Rs7,500, Rs15,000, Rs25,000, and Rs40,000, as informed through a statement on Monday. According to the statement, the federal government has granted another opportunity to the public to get their withdrawn prize bonds encashed or redeemed by June 30, 2023.
It may be recalled that the government had earlier fixed the deadline of June 30, 2022, for the redemption or encashment of these prize bonds. However, the central bank has extended the deadline till June 30, 2023, due to some prize bond holders’ inability to redeem them on time.
The investors who hold the above-mentioned prize bonds can redeem them through one of the following methods:
- Encashment at face value
- Conversion to Premium Prize Bonds of Rs25,000 and/or Rs40,000 (registered)
- Replacement with Special Savings Certificates (SSC) or Defense Savings Certificates (DSC)
The prize bonds can be redeemed or exchanged at the SBP Banking Services Corporation office, as well as branches of commercial banks across the country. The SBP also stated that necessary instructions have been issued to commercial banks to accept requests from the general public for encashment or exchange of the prize bonds till the extended deadline.
Lastly, the SBP encouraged the public to avail themselves of this extended deadline and cautioned that prize bonds will not be en-cashable or exchangeable after the expiry of the extended deadline.