New State Bank rules for Rs40,000 bonds

KARACHI: The State Bank of Pakistan on Wednesday advised all commercial banks to accept requests for conversion/redemption of Rs40,000-denominated national prize bonds, till December 31, 2020.

The central bank in a circular issued, again made it clear the cash payments against encashment of these bonds were not allowed.

“However, the bond holder(s) shall have some options for the replacement of these bonds such as conversion of premium prize bonds (registered), replacement with special savings certificate or defence savings certificate and encashment at face value into bank account only,” it said.