Central bank extends deadline for redemption of withdrawn prize bonds

KARACHI: The State Bank of Pakistan (SBP) has extended the deadline for encashment, conversion and redemption of national prize bonds (NPBs) of Rs40,000, Rs25,000, Rs15,000 and Rs7,500 denominations, which were earlier withdrawn from circulation.

Bondholders now have until December 31, 2024, to redeem these bonds, following a notification from the Finance Division. The initial deadline of June 30, 2024, was extended in response to directives issued on September 30, 2024. The SBP has instructed all commercial banks to continue processing redemption requests for the withdrawn denominations until the new deadline.

Banks are also required to submit consolidated data of redeemed prize bonds by January 2, 2025. All remaining bonds must be surrendered to the SBP’s Banking Services Corporation offices no later than January 31, 2025. The central bank added that all other regulations regarding prize bonds remain unchanged and urged commercial banks to ensure compliance across their networks.