SBP announces last date for prize bonds encashment
- By Web Desk -
- Dec 30, 2024
The State Bank of Pakistan (SBP) has issued an important reminder to the public regarding the last date for encashment or redemption of prize bonds that have been withdrawn from circulation.
In an October 2024 circular, the central bank announced that the deadline for encashment, conversion, or redemption of Rs 7,500, Rs 15,000, Rs 25,000, and Rs 40,000 prize bonds has been extended until December 31, 2024, to facilitate holders of these bonds.
The SBP directed all branches to accept requests for encashment, conversion, and redemption of the specified denominations until the deadline. Additionally, banks are required to submit consolidated data of the withdrawn bonds by region and branch by January 2, 2025, as per the guidelines mentioned in CMD Circular No. 1 dated April 30, 2021.
In a recent reminder, the SBP reiterated that the last date for redeeming the withdrawn prize bonds is December 31, 2024. The public has been urged to approach banks before the deadline to avoid any losses.
Furthermore, the SBP instructed all commercial banks to surrender the specified withdrawn prize bonds to their respective SBP BSC offices by January 31, 2025.
Read More: State Bank announces submission deadline for THESE prize bonds
SBP had earlier, announced important news for holders of Rs25,000 and Rs40,000 prize bonds.
According to reports, a SBP spokesperson announced that the deadline for returning Rs25,000 and Rs40,000 bonds is December 31.
The spokesperson also stated that Rs15,000 and Rs7,500 bonds can be returned by the same date. After December 31, no requests will be entertained.
These prize bonds can be returned to the State Bank of Pakistan, Banking Services Corporation offices, or any commercial bank branch. Bondholders are advised to take the necessary steps before the deadline.
Similarly, the National Savings Division unveiled the official Bond Schedule for 2025.
The first balloting will take place on January 15 for the Rs750 bond, while the final balloting will be held on December 15 for the Rs200 prize bond.
Prize bonds are widely regarded as a secure and rewarding investment, with regular draws held under government oversight to maintain trust and fairness in the system. Participants are encouraged to stay informed about upcoming draws and their results to maximize their chances of winning.