KARACHI – The State Bank of Pakistan (SBP) has made a major announcement to remind public about the last date for encashment or redemption of prize bonds, which have been withdrawn from redemption.
In October this year, the central bank has issued a circular stating that date for encashment, conversion or redemption of Rs7,500, Rs15,000, Rs25,000 and Rs40,000 had been extended till December 31, 2024 to facilitated the holders of prize bonds.
“Accordingly, all branches shall be advised to accept requests for encashment / conversion / redemption of cited denominations from general public till December 31, 2024. Further, the banks shall submit branch / region wise consolidated data of cited denomination NPBs held by them on last date i.e. December 31, 2024 latest by January 02, 2025 as per the instructions stipulated in CMD Circular No. 1 dated April 30, 2021,” read the October 2024 circular.
Update on Last Date
In latest reminder, SBP informed people that last date for redemption of the withdrawn prize bonds is December 31, 2024. It has asked people to timely approach the banks in this regard in order avoid any losses.
Date for Banks to Surrender Withdrawn Prize Bonds
Moreover, it is advised that all commercial banks shall surrender the cited prize bonds to respective SBP BSC Office latest by January 31, 2025, said the circular.
