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SBP points clarification concerning encashment of withdrawn prize bonds

The State Financial institution of Pakistan (SBP) issued an extension within the date to redeem withdrawn prize bonds of Rs7,500, 15,000, 25,000, and 40,000 after receiving consent from the federal authorities.

The federal authorities has provided the general public one other likelihood to redeem or pay within the withdrawn prize bonds value Rs. 7,500, 15,000, 25,000, and 40,000 by June 30, 2023, in response to an announcement launched by the central financial institution.

The federal government had set a deadline of June 30, 2022, for the redemption or encashment of those reward bonds.

The central financial institution said {that a} ultimate alternative has been granted for the encashment of prize bonds till June 30, 2023, making an allowance for the truth that sure prize bond holders have been unable to have their bonds redeemed.

Buyers within the aforementioned prize bonds have a number of totally different choices for cashing out or exchanging their bonds:

  • Encashment at Face Worth
  • Conversion to Premium Prize Bonds of Rs25,000 and/or Rs40,000 (registered)
  • Alternative with Particular Financial savings Certificates (SSC) or Protection Financial savings Certificates (DSC)

The SBP Banking Companies Company workplace and branches of economic banks throughout the nation are the place the prize bonds might be redeemed.

“The SBP has issued mandatory directions to industrial banks to simply accept requests from the overall p

ublic for encashment or alternate of the prize bonds until the prolonged date,” the assertion learn.

Encouraging most people to avail of this ultimate alternative, the SBP mentioned these prize bonds shall not be encashable or exchangeable after the expiry of the prolonged deadline.

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