The State Bank of Pakistan (SBP) has advised citizens to be careful of agent mafia charging money for cashing out a prize bond. According to the spokesperson of the central bank, customers aren’t charged for encashing their prize bonds.
He clarified that dealers and agents have no association with the State Bank. He added that it is the responsibility of law enforcing agencies (LEAs) to take action against these agents.
He said that prize bond owners can avail cash payments of their bonds through their bank accounts. The bank account has to be registered under the bearer’s name.
Under State bank’s instructions, the sale and purchase of Rs. 40,000 prize bonds has been discontinued. The last date to cash out your Rs. 40,000 prize bond is March 31, 2020.
If a person wants to cover their bearer bonds into Premium Prize Bonds, they can do so through the State Bank of Pakistan (SBP) Banking Services Corporation and the authorized branches of six commercial banks including United Bank, MCB Bank, National Bank of Pakistan, Allied Bank, Bank Alfalah, and Habib Bank.
Rs.40,000 bearer bonds can also be converted to Special Saving Certificates (SSC) or Defence Saving Certificates (DSC) through 16 field offices of the SBP Banking Services Corporation, National Savings Centers, and authorized commercial banks.
The rate of return on the SSC and DSC is currently 11.57 percent and 12.47 percent respectively.