What’s the remaining date for encashment of withdrawn prize bonds?

Eighth draw of Rs25,000 Denomination Prize Bonds held at State Bank of Pakistan Lahore on December 12, 2022. — NNI
Eighth draw of Rs25,000 Denomination Prize Bonds held at State Financial institution of Pakistan Lahore on December 12, 2022. — NNI 

The State Financial institution of Pakistan (SBP) on Wednesday reminded the final date for the encashment and redemption of the withdrawn prize bonds of Rs7,500, Rs15,000, Rs25,000, and Rs40,000 is June 30. 

“Earlier, the federal government had mounted deadline of June 30, 2022, for redemption/encashment of those prize bonds, nonetheless, contemplating that a few of the prize bond holders couldn’t get their bonds redeemed a remaining alternative has been given for encashment of prize bonds until June 30, 2023,” the SBP stated in a press release issued at the moment. 

The buyers of aforesaid prize bonds have following choices of encashment or change.

  • Encashment at face worth
  • Conversion to premium prize bonds of Rs25,000 and/or Rs40,000 (Registered)
  • Alternative with Particular Financial savings Certificates (SSC) or Defence Financial savings Certificates (DSC)

The central financial institution assertion added that the prize bonds may be redeemed from the SBP Banking Providers Company workplace and branches of business banks throughout the nation until June 30, 2023. 

The SBP has issued vital directions to business banks to simply accept requests from most of the people for encashment or change of the prize bonds until the prolonged date, stated the notification. 

It inspired most of the people to avail the ultimate alternative, saying these prize bonds shall not be encashable or exchangeable after the expiry of the prolonged deadline and could be rendered nugatory.

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