State Bank Warns Public to Encash Old Prize Bonds by June 30

The State Bank of Pakistan (SBP) has once again reminded citizens to encash/redeem the withdrawn prize bonds of Rs. 7,500, Rs. 15,000, Rs. 25,000, and Rs. 40,000 by 30 June 2023.

Previously, the government set a deadline of June 30, 2022, for the redemption/encashment of these prize bonds; however, because some prize bond holders were unable to have their bonds redeemed, a final opportunity for encashment of prize bonds has been extended until June 30, 2023.

Investors in the aforementioned prize bonds have the following options for redemption or exchange:

1. Encashment at Face Value
2. Conversion to Premium Prize Bonds of Rs. 25,000 and/or Rs. 40,000 (Registered)
3. Replacement with Special Savings Certificates (SSC) or Defense Savings Certificates (DSC)

According to the central bank, the prize bonds can be exchanged at the SBP Banking Services Corporation office and commercial bank branches across the country until June 30, 2023. The SBP has issued instructions to commercial banks to accept public requests for encashment or exchange of prize bonds until the due date.

The general public who owns these bonds is advised to take advantage of this final opportunity and redeem their holdings before June 30. These prize bonds will be worthless after the deadline has passed.