31 December Sets Last Date to Convert These Prize Bonds

National prize bonds (unregistered) are due to expire this month, and the bonds will be worthless after December 31, 2021.

The government has set a December 31, 2021 deadline for the withdrawal of bearer bonds in denominations of Rs7,500, Rs15,000, Rs25,000, and Rs40,000.

Holders of these bonds have been informed to exchange or convert their bills before the deadline. According to data from the State Bank of Pakistan (SBP), bearer bonds worth Rs28 billion are still in the hands of investors at the end of October 2021.

However, bondholders surrendered these bills totaling Rs437.59 billion over the last year. By October 2020, the total value of these bearer bonds will be Rs465.59 billion.

The government announced in June 2019 that it would step out of high denomination bearer bonds. On June 24, 2019, the government announced the end of the circulation of Rs40,000 denomination national prize bonds.

Similarly, on December 10, 2020, the government declared that the circulation of Rs25,000 denomination prize bonds would be stopped. In April 2021 finance minister also informed that national prize bonds in denominations of Rs7,500 and Rs15,000 will not be sold.

Where & How to convert bonds?

The bonds can be converted to premium prize bonds through 16 field offices of SBP Banking Services Corporation, and branches of six commercial banks i.e. National Bank of Pakistan(NBP), Habib Bank Limited (HBL), United Bank Limited (UBL), MCB Bank Limited, Allied Bank Limited (ABL), and Bank Alfalah Limited.

You can exchange bonds with Special Saving Certificates/Defence Saving Certificates through the 16 field offices of SBP Banking Services Corporation, approved commercial banks, and the National Savings Center(NSC).

Keep in mind that the bonds will only be converted by transferring the proceeds to the bonds holder’s bank account through the 16 field offices of SBP Banking Services Corporation. As well as through the authorized commercial bank branches and to the Saving Accounts at National Savings Centers.

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