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SBP likely to extend prize bonds encashment deadline

The last date may be extended till Dec 31

SAMAA | - Posted: Sep 23, 2021 | Last Updated: 4 weeks ago
SAMAA |
Posted: Sep 23, 2021 | Last Updated: 4 weeks ago

The State Bank of Pakistan (SBP) likely to extend the deadline for the encashment, conversion and redemption of prize bonds of Rs40,000, Rs25,000, Rs15,000 and Rs7,500 denominations till December 31, 2021.

Earlier, the government had extended the deadline for the encashment of prize bonds till September 30.

Overseas Pakistanis with prize bonds were reported as saying that the government should give them more time to exchange prize bonds for cash or premium bonds, as it is not possible for them to travel to Pakistan due to travel restrictions in view of COVID-19.

According to a report by The News in May, the procedures for encashment, conversion and redemption of the prize bonds will remain the same. The bonds can be replaced with savings certificates and premium prize bonds or be encashed at face value. The bonds can be converted to premium prize bonds at the 16 field offices of the SBP Banking Services Corporation and branches of six authorised commercial banks.

The previous government had launched premium prize bonds in April 2017. These prize bonds are issued only against computerised national identity cards and bank accounts of bondholders. Initially, the deadline for encashment or redemption was March 2020.

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