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SBP extends prize bond encashment deadline

State Bank of Pakistan (SBP) extended the last date for encashment or conversion of prize bonds of Rs 15,000, Rs 25,000 and Rs 40,000 up to September 30, 2021, a circular issued by the SBP.

The last date for encashment or conversion of Rs 15,000 prize bond was June 30, 2021, while, May 31, 2021 was for Rs. 25,000 and Rs 40,000 prize bonds.

The SBP has directed all the banks to circulate updated instructions on prize bonds to all branches for information and compliance. All other terms and conditions in this regard shall remain unchanged.

Unregistered prize bonds of Rs 7,500, Rs 15,000, Rs 25,000 and Rs 40,000 can be converted to Rs. 40,000 and Rs. 25,000 denomination Premium Prize Bonds. Through the 16 field offices of SBP Banking Services Corporation, and authorized branches of 19 commercial banks.

There is a need to submit a written request for conversion of prize bonds into Rs. 40,000 and Rs. 25,000 Premium Prize Bonds as per the prescribed application form.

Moreover, prize bonds will only be encashed by transferring it to the prize bond holders’ bank account. Through the 16 field offices of SBP Banking Services Corporation, and authorized commercial banks. There is also an option to made investment to the Savings Accounts at National Savings Centers.

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