SBP issues statement regarding encashment of withdrawn prize bonds

The State Bank of Pakistan (SBP) on Monday reminded the public that June 30 is the last date for the encashment and redemption of the withdrawn prize bonds of Rs7,500, Rs15,000, Rs25,000, and Rs40,000.

“Earlier, the government had fixed a 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 June 30, 2023,” the SBP said in a statement issued today.

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

• Encashment at face value
• Conversion to premium prize bonds of Rs25,000 and/or Rs40,000 (Registered)
• Replacement with Special Savings Certificates (SSC) or Defence Savings Certificates (DSC)

The central bank statement added that the prize bonds can be redeemed from the SBP Banking Services Corporation office and branches of commercial banks across the country till June 30.

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, said the notification.

It encouraged the general public to avail the final opportunity, saying these prize bonds shall not be encashable or exchangeable after the expiry of the extended deadline and would be rendered worthless.