SBP advises masses to redeem prize bonds till Dec 31
Business
It said that the bonds can be returned at any commercial bank branch, including the SBP head office
KARACHI (Dunya News) – The State Bank of Pakistan (SBP) has announced that December 31, 2024, is the last date for encashment of prize bonds.
In a statement, the bank reminded the public that prize bonds of 40,000, 25,000, 15,000, and 7,500 rupees denomination can be redeemed till December 31.
It said that the bonds can be returned at any commercial bank branch, including the State Bank's head office. After the deadline, requests for the return or exchange of these prize bonds will no longer be accepted.
The announcement "is a final reminder to holders," added the statement, urging people to complete formalities before the cut-off date to avoid losing the opportunity to redeem their bonds.
It may be noted that after the partition of sub-continent, Pakistan first issued the interest-free “National Prize Bond” of Rs10 denomination in October 1960, managed by the “Central Directorate of National Savings” (CDNS). The prize bonds were launched by the then minister, Gen. K.M. Shaikh, and the first bond was also purchased by him. Later Rs5, 10, 11, 50, 100, 500, 1,000, 5,000, 10,000, 25,000 and 40,000 denomination prize bonds were issued. With the passage of time, Rs5, Rs11 and Rs10 were withdrawn.
