Last date for encashment of withdrawn prize bonds extended

KARACHI: The federal government has announced its decision to extend the last date for encashment of withdrawn prize bonds.

The federal government has given another opportunity to the public to get the withdrawn prize bonds of Rs7,500, 15,000, 25,000 and Rs40,000 redeemed/ encashed by June 30, 2023. 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 30th June 2023.

The investors of prize bonds have been given options of encashment or exchange. The prize bond holders can make encashment at Face Value or can avail conversion to Premium Prize Bonds of Rs. 25,000 and/ or Rs. 40,000 (Registered). In addition, they can replace with Special Savings Certificates (SSC) or Defence Savings Certificates (DSC)

The prize bonds can be redeemed from SBP Banking Services Corporation office and branches of commercial banks across the country till 30th June 2023. 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.

The general public holding these bonds is encouraged to avail this final opportunity and get their holdings redeemed before 30th June 2023. These prize bonds shall not be en-cashable or exchangeable after the expiry of the extended deadline, thereby rendering them worthless.

Copyright Business Recorder, 2023