In a significant move, the State Bank of Pakistan (SBP) has extended the deadline for Pakistani citizens holding certain prize bonds to redeem or exchange them. This update applies to prize bonds of Rs 40,000, Rs 25,000, Rs 15,000, and Rs 7,500.
New Redemption Deadline
The SBP’s Banking Services Corporation has officially announced that the new deadline for redeeming these bonds is December 31, 2024. Previously, the cutoff date was set for June 30, 2024, but this extension gives bondholders more time to take necessary actions.
Conversion Options
Bondholders can either:
- Convert their Rs 25,000 and Rs 40,000 prize bonds into premium prize bonds.
- Exchange them for special savings certificates or defense savings certificates.
These options allow flexibility for those looking to reinvest or cash out their bonds.
Commercial Banks’ Role
Commercial banks across Pakistan have been directed to continue processing applications for cashing or exchanging these bonds until the extended deadline. Citizens are advised to approach their respective banks for assistance before December 31, 2024.
Key Points:
- Prize bonds affected: Rs 40,000, Rs 25,000, Rs 15,000, and Rs 7,500.
- New deadline: December 31, 2024.
- Conversion/exchange options: Premium prize bonds, savings certificates.
Make sure to act before the new deadline to ensure you do not miss out on redeeming or converting your bonds.