The State Bank of Pakistan (SBP) has issued reminders regarding the final deadline for redeeming specific denominations of prize bonds that have been withdrawn from circulation. This article provides a concise overview of the key dates and procedures for prize bond holders.
Key Dates for Prize Bond Redemption
The SBP has extended the deadline for encashment, conversion, or redemption of certain prize bonds to December 31, 2024. This extension applies to the following denominations:
- Rs7,500
- Rs15,000
- Rs25,000
- Rs40,000
Holders of these prize bonds are urged to visit their banks before this deadline to avoid any loss of value.
Deadline for Banks to Submit Data
Banks are required to submit consolidated data of these denominations of prize bonds held by them on the last date, December 31, 2024, to the SBP by January 2, 2025. This data submission is in accordance with the instructions outlined in CMD Circular No. 1 dated April 30, 2021.
Deadline for Banks to Surrender Prize Bonds
Commercial banks have until January 31, 2025, to surrender the withdrawn prize bonds to their respective SBP BSC (Banking Services Corporation) offices.
Summary of Key Deadlines
The following table summarizes the crucial deadlines for both prize bond holders and banks:
| Action | Deadline |
|---|---|
| Prize Bond Redemption | December 31, 2024 |
| Bank Data Submission | January 2, 2025 |
| Bank Surrender of Bonds | January 31, 2025 |
Procedure for Prize Bond Redemption
Prize bond holders can visit any branch of a commercial bank to encash, convert, or redeem their eligible prize bonds. It is advisable to carry the original prize bonds and a valid form of identification. The specific procedures may vary slightly between different banks, so it is recommended to inquire with your bank beforehand.
Withdrawn Prize Bond Denominations
The table below provides a clear overview of the prize bond denominations that are currently withdrawn and subject to the redemption deadline:
| Denomination (Rs) | Status | Redemption Deadline |
|---|---|---|
| 7,500 | Withdrawn | December 31, 2024 |
| 15,000 | Withdrawn | December 31, 2024 |
| 25,000 | Withdrawn | December 31, 2024 |
| 40,000 | Withdrawn | December 31, 2024 |
Importance of Timely Redemption
The SBP has emphasized the importance of adhering to the deadlines to ensure that prize bond holders do not face any financial losses. It is crucial for individuals holding these specific denominations of prize bonds to take action before December 31, 2024.
SBP’s Role
The State Bank of Pakistan plays a key role in regulating and overseeing the prize bond system in the country. These measures are part of the SBP’s ongoing efforts to streamline financial processes and ensure the smooth functioning of the financial system. The SBP’s circulars and announcements provide clear guidelines for both the public and commercial banks.