Government bans sale of Rs25,000 prize bonds

ISLAMABAD: The government has banned sale of Rs25,000 denomination prize bonds with immediate effect, according to a notification issued to this effect.

Those owning Rs25,000 prize bonds have until May 31, 2021, to encash or convert their savings.

According to the notification, the bonds can be converted into premium prize bonds (registered) of Rs25,000 denomination through 16 field offices of the State Bank of Pakistan (SBP) Banking Services Corporations and branches of six commercial banks i.e. the National Bank of Pakistan, Habib Bank Limited, United Bank Limited, MCB Bank Limited, Allied Bank Limited and Bank Alfalah Limited.

Also Read: Government to discontinue Rs25,000 prize bonds

It said they can also be replaced with Special Savings Certificates (SSC) or Defence Saving Certificates (DSC) through 16 field Bank Services Corporations, authorised commercial banks and National Saving Centers.

The bonds will only be encashed by transferring proceeds to the bond holder’s bank account.