SBP unveils last date for prize bonds encashment
SBP Directs Banks to Accept Bond Encashment Requests and Submit Data by January 2, 2025
ISLAMABAD: 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an important reminder to the public regarding the last date for encashment or redemption of prize bonds that have been withdrawn from circulation.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 Additionally, banks are required to submit consolidated data of the withdrawn bonds by region and branch by January 2, 2025, as per the guidelines mentioned in CMD Circular No. 1 dated April 30, 2021.
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In a recent reminder, the SBP reiterated that the last date for redeeming the withdrawn prize bonds is December 31, 2024.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Furthermore, the SBP instructed all commercial banks to surrender the specified withdrawn prize bonds to their respective SBP BSC offices by January 31, 2025.
