The Federal Government has extended the date of encashment of withdrawn prize bonds of Rs. 7,500, Rs. 15,000, Rs. 25,000, and Rs. 40,000, the State Bank of Pakistan (SBP) announced in a press release on Wednesday.
According to the details, the final date for the encashment of prize bonds has been extended to 30th June 2023 and it will be the final opportunity for the redemption and encashment of these prize bonds.
Earlier, the Government had fixed a deadline of 30th June 2022 for the redemption and encashment of these prize bonds, but considering that some of the prize bond holders could not get their bonds redeemed, a final opportunity has been given to these individuals.
The investors of aforesaid prize bonds have following options of encashment or exchange:
- Encashment at Face Value
- Conversion to Premium Prize Bonds of Rs. 25,000 and/or Rs. 40,000 (Registered)
- Replacement with Special Savings Certificates (SSC) or Defense 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.
Furthermore, 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.
The press release added that mentioned prize bonds shall not be en-cashable or exchangeable after the expiry of the extended deadline, thereby rendering them worthless.
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