SBP extends last date for encashment of withdrawn prize bonds

The government has extended the last date for encashment of withdrawn prize bonds till June 30, 2023, announced the State Bank of Pakistan (SBP) on Wednesday.

The central bank in a statement said the federal government has given another opportunity to the public to get withdrawn prize bonds of Rs7,500, Rs15,000, Rs25,000 and Rs40,000 redeemed/encashed by end of June next year.

Earlier, the government had fixed a deadline of June 30, 2022, for redemption/encashment of these prize bonds.

SBP extends deadline for prize bond encashment

“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,” read the statement.

The central bank warned that these prize bonds shall not be en-cashable or exchangeable after the expiry of the extended deadline, "thereby rendering them worthless.”

“(However,) investors of aforesaid prize bonds have 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 central bank said prize bonds can be redeemed from SBP Banking Services Corporation office and branches of commercial banks across the country.

“The SBP has issued necessary instructions to commercial banks to accept requests from general public for encashment or exchange of the prize bonds till the extended date,” it said, adding that the members of general public holding these are encouraged to avail this final opportunity.