SBP offers last chance for redemption of prize bonds

Karachi: The State Bank of Pakistan (SBP) on Friday announced a final opportunity for holders of prize bonds worth Rs7,500, 15,000, 25,000, and 40,000 to redeem or encash their bonds by June 30, 2023.

The SBP has outlined several options for the investors, including encashing the bonds at face value, converting them to premium prize bonds of Rs. 25,000 and/or Rs. 40,000 (Registered), or replacing them with Special Savings Certificates (SSC) or Defense Savings Certificates (DSC).

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Visit any #SBP BSC field office or commercial bank branch to exchange or encash Rs. 7,500/-, 15,000/-, 25,000/- & 40,000/- bearer prize bonds today.https://t.co/XK84OiXIsu pic.twitter.com/8ilVlyTdAH

— SBP (@StateBank_Pak) June 2, 2023

Previously, the government had set a deadline of June 30, 2022, for redemption, but considering that some bondholders were unable to do so, this extended opportunity has been granted, as stated by the SBP in a press release.

It is important to note that after the extended deadline expires, these prize bonds will become worthless and cannot be encashed or exchanged.

The redemption process for these prize bonds can be carried out at the SBP Banking Services Corporation office and branches of commercial banks across the country, according to the SBP.