The State Bank of Pakistan (SBP) announced on Wednesday that the deadline for redeeming and cashing the withdrawn prize bonds in the amounts of Rs. 7,500, Rs. 15,00, Rs. 25, and Rs. 40,000 had been extended.
The deadline for redeeming the prize bonds has been moved up to June 30, 2023, according to a statement issued by the SBP.
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Up until June 30, 2023, there is one last chance to redeem prize bonds, according to the statement. The redemption/encashment deadline for these prize bonds was previously set by the government as June 30, 2022. However, taking into account that some prize bond holders were unable to redeem their bonds.
The following options exist for bond redemption or exchange for holders of the aforementioned prize bonds:
- Encashment at face value
- Conversion to premium prize bonds of Rs25,000 and/or Rs40,000 (Registered)
- Replacement with Special Savings Certificates (SSC) or Defence Savings Certificates (DSC)
According to the statement, prize bonds may be redeemed up until June 30 at offices of commercial banks nationwide and the SBP Banking Services Corporation.
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The SBP has instructed commercial banks to accept requests from the general public for the encashment or exchange of the prize bonds until the extended date, according to the statement.
After the extended deadline passed, these prize bonds would no longer be redeemable or exchangeable, the SBP warned the general public, urging them to take advantage of this final opportunity.